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of <h1>Circular Urges Compliance with KYC, AML, and CFT Norms; Cautions Against Dealings with High-Risk Jurisdictions.</h1> The circular addresses all Authorized Persons, emphasizing compliance with Know Your Customer (KYC) norms, Anti-Money Laundering (AML) standards, and Combating the Financing of Terrorism (CFT) obligations under the Prevention of Money Laundering Act (PMLA), 2002, as amended. It highlights the Financial Action Task Force's (FATF) identification of jurisdictions with AML/CFT deficiencies, specifically Iran, North Korea, and Sao Tome and Principe, urging caution in business dealings with these regions. Authorized Persons must inform relevant parties of these guidelines and ensure compliance to avoid penalties under the Foreign Exchange Management Act and PMLA.
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