Anti Money Laundering compliance: intermediaries must apply risk based KYC, CDD, monitoring and reporting obligations to clients. The Master Circular mandates that securities market intermediaries implement written AML/CFT policies approved by senior management, apply a risk based Client Due Diligence process including KYC and beneficial ownership identification, perform ongoing transaction monitoring, report suspicious and specified transactions to FIU IND within prescribed timelines, maintain and retain client and transaction records to provide an audit trail, and designate a Principal Officer and Designated Director to ensure compliance; reliance on third parties for CDD is permitted subject to conditions, but ultimate responsibility remains with the intermediary.