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of <h1>New Guidelines for Authorized Persons on KYC, AML, and CFT Under PMLA 2002: Compliance and Penalties Explained.</h1> The circular outlines revised guidelines for Authorized Persons (APs) regarding Know Your Customer (KYC) norms, Anti-Money Laundering (AML) standards, and Combating the Financing of Terrorism (CFT) under the Prevention of Money Laundering Act (PMLA), 2002, as amended in 2009. APs must establish a policy framework covering customer acceptance, identification, transaction monitoring, and risk management. The guidelines apply to APs and their agents, requiring them to maintain records, report suspicious transactions to the Financial Intelligence Unit-India, and ensure compliance through training and oversight. Non-compliance may result in penalties under relevant laws and regulations.
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