Money changing activities: RBI master circular sets licensing, operational rules, KYC/AML/CFT and reporting obligations. Master Circular consolidates RBI instructions governing money changing activities, prescribing entry norms, documentation and minimum Net Owned Funds for FFMC licences, selective issuance and renewal procedures, Empowered Committee clearance, and fit and proper criteria. It mandates operational rules on purchase/sale of foreign currency, cash limits, reconversion, maintenance of foreign currency balances, prescribed registers and reporting (monthly/quarterly/annual) to the Reserve Bank, concurrent audit and on site inspections. A detailed KYC/AML/CFT framework requires risk based customer due diligence, record retention, appointment of a Principal Officer, and CTR/STR reporting to FIU IND.
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Master Circular consolidates RBI instructions governing money changing activities, prescribing entry norms, documentation and minimum Net Owned Funds for FFMC licences, selective issuance and renewal procedures, Empowered Committee clearance, and fit and proper criteria. It mandates operational rules on purchase/sale of foreign currency, cash limits, reconversion, maintenance of foreign currency balances, prescribed registers and reporting (monthly/quarterly/annual) to the Reserve Bank, concurrent audit and on site inspections. A detailed KYC/AML/CFT framework requires risk based customer due diligence, record retention, appointment of a Principal Officer, and CTR/STR reporting to FIU IND.
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