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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Indian Agents under MTSS must comply with KYC, AML, CFT norms per PMLA 2002; report suspicious transactions to FIU-IND.</h1> The circular outlines the obligations of Authorized Persons (APs), specifically Indian Agents under the Money Transfer Service Scheme (MTSS), to adhere to Know Your Customer (KYC) norms, Anti-Money Laundering (AML) standards, and Combating the Financing of Terrorism (CFT) measures as per the Prevention of Money Laundering Act (PMLA), 2002, and its amendments. It mandates the implementation of a policy framework approved by the Board, covering customer acceptance, identification, transaction monitoring, and risk management. APs must ensure compliance by their sub-agents and report suspicious transactions to the Financial Intelligence Unit-India (FIU-IND), maintaining records for at least ten years. Non-compliance may result in penalties under relevant laws.
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