TaxTMI 
TaxTMI 
KYC norms/AML Standards/CFT Standards – Obligation of Authorised Persons under PMLA, 2002
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....f Terrorism (CFT) Standards - Obligation of Authorised Persons under Prevention of Money Laundering Act (PMLA), 2002 as amended by PML (Amendment) Act 2009 Money Changing activities Please refer to Para 4.4 (a) of {A.P.(DIR Series) Circular No. 17 [A.P.(FL/RL Series) Circular No.04] } dated November 27, 2009 on the captioned subject as amended from time to time. 2. Rule 9(1A) of Prevention o....
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....neficial owners of the client and take reasonable measures to verify the identity of such persons, through the following information: (i) The identity of the natural person, who, whether acting alone or together, or through one or more juridical person, exercises control through ownership or who ultimately has a controlling ownership interest. Explanation: Controlling ownership interest mean....
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....ation: Control through other means can be exercised through voting rights, agreement, arrangements, etc. (iii) Where no natural person is identified under (i) or (ii) above, the identity of the relevant natural person who holds the position of senior managing official. B. Where the client is a trust, the Authorised Person shall identify the beneficial owners of the client and take reasonable....
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....of Authorised Persons and it will be the sole responsibility of the franchisers to ensure that their agents / franchisees also adhere to these guidelines. 5. Authorised Persons may bring the contents of this circular to the notice of their constituents concerned. 6. The directions contained in this Circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Manage....