Know Your Customer requirements: mandatory board approved KYC/AML/CFT policies, due diligence and FIU IND reporting for money changers. The circular requires Authorised Persons engaged in money changing activities to adopt board approved KYC/AML/CFT policies covering customer acceptance, identification, transaction monitoring and risk management; to implement risk based customer categorisation and enhanced due diligence for higher risk customers (including PEPs and certain non resident or jurisdictional risks); to retain customer identification and transaction records for ten years; to appoint a Principal Officer responsible for CTR/STR filing to FIU IND in prescribed formats; and to ensure internal audit, staff training and customer education, with penalties for non compliance under PMLA and related rules.