TaxTMI 
TaxTMI 
KYC Norms /AML Standards/Combating Financing of Terrorism/Obligation of Authorised Persons under (PMLA, 2002 - Assessment and Monitoring of Risk - Cross Border Inward Remittance under MTSS.
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....Agents under Money Transfer Service Scheme. Madam/ Sir, Know Your Customer (KYC) norms / Anti-Money Laundering (AML) standards / Combating the Financing of Terrorism (CFT) / Obligation of Authorised Persons under Prevention of Money Laundering Act (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 - Assessment and Monitoring of Risk - Cross Border Inward Remitta....
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....e also been provided in the paragraph under reference. Further, paragraph 5.8 (a) of the aforesaid circular requires APs (Indian Agents) to put in place policies, systems and procedures for risk management keeping in view the risks involved in a transaction. 3. The Government of India had constituted a National Money Laundering / Financing of Terror Risk Assessment Commit....
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....ordingly, APs (Indian Agents) should take steps to identify and assess their ML/TF risk for customers, countries and geographical areas as also for products/ services/ transactions/delivery channels, in addition to what has been prescribed in the aforesaid circular, referred to in paragraph 5 of the above-mentioned Circular dated November 27, 2009. APs (Indian Agents) should have policies, control....
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....e Indian Agents under MTSS and it will be the sole responsibility of the APs (Indian Agents) to ensure that their Sub-agents also adhere to these guidelines. 8. Authorised Persons (Indian Agents) should bring the contents of this circular to the notice of their constituents concerned. 9. The directions contained in this circular have been issued under sections 10(4) and Sect....