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of <h1>Indian MTSS Agents Must Comply with KYC, AML, and CFT Norms; Consider Risks with Iran, North Korea Dealings.</h1> The circular addresses Indian agents under the Money Transfer Service Scheme (MTSS) about 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. It highlights the Financial Action Task Force's (FATF) statement on jurisdictions with AML/CFT deficiencies, specifically Iran and North Korea, advising agents to consider associated risks in business dealings. Compliance with these guidelines is mandated under the Foreign Exchange Management Act, 1999, and non-compliance may lead to penalties.
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