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of <h1>New Circular Mandates AML/CFT Compliance for Cross-Border Remittances Under MTSS; Non-Compliance to Face Penalties.</h1> The circular addresses Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) standards related to cross-border inward remittances under the Money Transfer Service Scheme (MTSS). It directs all authorized Indian agents to review and consider the Financial Action Task Force (FATF) statement from October 22, 2010, urging jurisdictions to implement their action plans promptly. The circular, issued under the Foreign Exchange Management Act and the Prevention of Money Laundering Act, mandates compliance, warning that non-compliance will result in penalties. Agents are instructed to inform their constituents and acknowledge receipt of the circular.
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