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of <h1>New Circular Urges Compliance with AML/CFT Standards for Money-Changing Activities Under FEMA and PMLA; Penalties for Non-Compliance.</h1> The circular addresses all authorized persons involved in money-changing activities, emphasizing adherence to Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) standards. It references a Financial Action Task Force (FATF) statement urging jurisdictions to implement their action plans promptly. The circular instructs authorized persons to inform relevant parties and ensure acknowledgment by their Principal Officer. Issued under the Foreign Exchange Management Act and the Prevention of Money Laundering Act, it warns that non-compliance may result in penalties. The circular underscores the importance of maintaining records and following established procedures.
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