Money changing regulation consolidated: updated AML and operational requirements now mandatory with statutory penalties for non compliance. Consolidated instructions rationalise prior circulars and the Anti Money Laundering Guidelines into an annexed set of directions for Authorised Money Changers covering licence conditions, permitted transactions, customer identification, record keeping and AML safeguards; compliance is mandatory under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999, with penal consequences under Section 11(3) for non compliance.
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Provisions expressly mentioned in the judgment/order text.
Money changing regulation consolidated: updated AML and operational requirements now mandatory with statutory penalties for non compliance.
Consolidated instructions rationalise prior circulars and the Anti Money Laundering Guidelines into an annexed set of directions for Authorised Money Changers covering licence conditions, permitted transactions, customer identification, record keeping and AML safeguards; compliance is mandatory under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999, with penal consequences under Section 11(3) for non compliance.
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