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of <h1>Indian Agents Must Comply with PMLA: KYC, AML, CFT Guidelines Emphasized; Risks in FATF-Flagged Jurisdictions Highlighted.</h1> The circular addresses Authorized Persons, specifically Indian Agents under the Money Transfer Service Scheme, highlighting their obligations under the Prevention of Money Laundering Act (PMLA) and related amendments. It emphasizes adherence to Know Your Customer (KYC) norms, Anti-Money Laundering (AML) standards, and Combating the Financing of Terrorism (CFT) measures. Agents are advised to consider risks associated with jurisdictions identified by the Financial Action Task Force (FATF) as having strategic AML/CFT deficiencies, specifically mentioning Iran, North Korea, and Sao Tome and Principe. Non-compliance with these guidelines may result in penalties under relevant laws.
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