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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....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 Remittance under Money Transfer Service Scheme Attention of al....
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....h 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 Committee to assess money laundering and terror financing risks, a national AML/CFT strategy and instit....
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....eographical 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, controls and procedures, duly approved by their boards, in place to effectively manage and mitigate their risk adopting a ris....
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....es. 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 Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and also under the Prevention of Money Laundering Act (PMLA), 2002 as amended by Prevention of Money Launde....