https://www.taxtmi.com/circulars?id=11298 Authorised Persons must account for AML/CFT risks when dealing with persons and financial institutions from jurisdictions identified by FATF-notably Iran and DPRK, and additionally Bolivia, Cuba, Ethiopia, Kenya, Myanmar, Sri Lanka, Syria and Turkey-and apply Enhanced Due Diligence and other risk mitigation measures while not precluding legitimate trade. The advisory highlights risks from correspondent relationships, the need for effective suspicious transaction reporting, and instructs Authorised Persons to notify constituents and have Principal Officers acknowledge receipt. Directions are issued under the Foreign Exchange Management Act and the Prevention of Money Laundering Act and non-compliance may attract penal provisions. en-us Mon, 19 Sep 2011 00:00:00 +0530 Mon, 19 Sep 2011 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=11298 Authorised Persons must account for AML/CFT risks when dealing with persons and financial institutions from jurisdictions identified by FATF-notably Iran and DPRK, and additionally Bolivia, Cuba, Ethiopia, Kenya, Myanmar, Sri Lanka, Syria and Turkey-and apply Enhanced Due Diligence and other risk mitigation measures while not precluding legitimate trade. The advisory highlights risks from correspondent relationships, the need for effective suspicious transaction reporting, and instructs Authorised Persons to notify constituents and have Principal Officers acknowledge receipt. Directions are issued under the Foreign Exchange Management Act and the Prevention of Money Laundering Act and non-compliance may attract penal provisions. Circulars FEMA Mon, 19 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/circulars?id=11298