TaxTMI 
TaxTMI 
Master Circular on Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Measures/Combating of Financing of Terrorism (CFT) / Obligations of banks under Prevention of Money Laundering Act (PMLA), 2002
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....oney Laundering (AML) Measures/Combating of Financing of Terrorism (CFT) / Obligations of banks under Prevention of Money Laundering Act (PMLA), 2002 Paragraph No. Particulars 1 Introduction 1.1 KYC/AML/CFT 1.2 Definition of customer 2 Guidelines 2.1 General 2.2 KYC policy 2.3 Customer Acceptance Policy 2.4 Customer Identification Procedure 2.5 Customer Identification Requirements - Indicative Guidelines 2.6 Small deposit accounts 2.7 Monitoring of transactions 2.8 Closure of accounts 2.9 Risk Management 2.10 Introduction of new technology - credit/debit/smart/gift card 2.11 Combating Financing of Terrorism 2.12 Correspondent banking 2.13 Wire Transfers 2.14 Principal Officer 2.15 Maintenance of records of transactions/information to be preserved/maintenance and preservation of records/Cash and Suspicious Transactions reporting to Financial Intelligence Unit - India 2.16 Cash and Suspicious Transaction Report 2.17 Customer Education/Employees' Training/Employees' Hiring Annex I - Indicative list of documents required for opening ....
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....sks to the bank, say, a wire transfer or issue of a high value demand draft as a single transaction. 2. Guidelines 2.1 General • Banks should keep in mind that the information collected from the customer for the purpose of opening of account is to be treated as confidential and details thereof are not to be divulged for cross selling or any other like purposes. Banks should, therefore, ensure that information sought from the customer is relevant to the perceived risk, is not intrusive, and is in conformity with the guidelines issued in this regard. Any other information from the customer should be sought separately with his/her consent and after opening the account. • Banks should ensure that any remittance of funds by way of demand draft, mail/telegraphic transfer or any other mode and issue of travellers' cheques for value of Rupees fifty thousand and above is effected by debit to the customer's account or against cheques and not against cash payment. • Banks should ensure that the provisions of Foreign Contribution (Regulation) Act, 1976 as amended from time to time, wherever applicable, are strictly adhered to. 2.2 KYC Policy B....
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....iary in fiduciary capacity and • Necessary checks before opening a new account so as to ensure that the identity of the customer does not match with any person with known criminal background or with banned entities such as individual terrorists or terrorist organisations etc. b) Banks should prepare a profile for each new customer based on risk categorisation. The customer profile may contain information relating to customer's identity, social/financial status, nature of business activity, information about his clients' business and their location etc. The nature and extent of due diligence will depend on the risk perceived by the bank. However, while preparing customer profile banks should take care to seek only such information from the customer, which is relevant to the risk category and is not intrusive. The customer profile is a confidential document and details contained therein should not be divulged for cross selling or any other purposes. c) For the purpose of risk categorisation, individuals (other than High Net Worth) and entities whose identities and sources of wealth can be easily identified and transactions in whose accounts by and large conform to ....
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....n. Banks need to obtain sufficient information necessary to establish, to their satisfaction, the identity of each new customer, whether regular or occasional, and the purpose of the intended nature of banking relationship. Being satisfied means that the bank must be able to satisfy the competent authorities that due diligence was observed based on the risk profile of the customer in compliance with the extant guidelines in place. Such risk based approach is considered necessary to avoid disproportionate cost to banks and a burdensome regime for the customers. Besides risk perception, the nature of information/documents required would also depend on the type of customer (individual, corporate etc.). For customers that are natural persons, the banks should obtain sufficient identification data to verify the identity of the customer, his address/location, and also his recent photograph. For customers that are legal persons or entities, the bank should (i) verify the legal status of the legal person/entity through proper and relevant documents; (ii) verify that any person purporting to act on behalf of the legal person/entity is so authorised and identify and verify the identity of th....
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....ent correct address, as referred to in Annex I, means the address at which a person usually resides and can be taken as the address as mentioned in a utility bill or any other document accepted by the bank for verification of the address of the customer. It is clarified that while opening accounts based on Aadhaar also banks must satisfy themselves about the current address of the customer by obtaining required proof of the same as per extant instructions (e) It has been brought to our notice that the said indicative list furnished in Annex I is being treated by some banks as an exhaustive list as a result of which a section of public is being denied access to banking services. Banks are, therefore, advised to take a review of their extant internal instructions in this regard. 2.5 Customer Identification Requirements - Indicative Guidelines (i) Trust/Nominee or Fiduciary Accounts There exists the possibility that trust/nominee or fiduciary accounts can be used to circumvent the customer identification procedures. Banks should determine whether the customer is acting on behalf of another person as trustee/nominee or any other intermediary. If so, ban....
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....es Secretaries of India, Indian Medical Council, Food and Drug Control Authorities, any certificate / registration document issued by Sales Tax / Service Tax / Professional Tax authorities, etc. any two of the documents are to be obtained. These documents should be in the name of the proprietary concern. Further, the complete Income Tax Return (not just the acknowledgement) in the name of the sole proprietor where the firm's income is reflected, duly authenticated /acknowledged by the Income Tax Authorities and utility bills such as electricity, water and landline telephone bills in the name of the proprietary concern are also included in the indicative list of required documents for opening accounts of proprietary concerns. (iii) Client accounts opened by professional intermediaries When the bank has knowledge or reason to believe that the client account opened by a professional intermediary is on behalf of a single client, that client must be identified. Banks may hold 'pooled' accounts managed by professional intermediaries on behalf of entities like mutual funds, pension funds or other types of funds. Banks also maintain 'pooled' accounts managed by lawyers/ch....
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....ly members or close relatives of PEPs and accounts where PEP is the ultimate beneficial owner. In the event of an existing customer or the beneficial owner of an existing account, subsequently becoming a PEP, Banks should obtain senior management approval to continue the business relationship and subject the account to the CDD measures as applicable to the customers of PEP category including enhanced monitoring on an ongoing basis. (v) Accounts of non-face-to-face customers With the introduction of telephone and electronic banking, increasingly accounts are being opened by banks for customers without the need for the customer to visit the bank branch. In the case of non-face-to-face customers, apart from applying the usual customer identification procedures, there must be specific and adequate procedures to mitigate the higher risk involved. Certification of all the documents presented should be insisted upon and, if necessary, additional documents may be called for. In such cases, banks may also require the first payment to be effected through the customer's account with another bank which, in turn, adheres to similar KYC standards. In the case of cross-border customers,....
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....to full KYC procedure. The introducer's account with the bank should be at least six months old and should show satisfactory transactions. Photograph of the customer who proposes to open the account and also his address need to be certified by the introducer, or any other evidence as to the identity and address of the customer to the satisfaction of the bank. (ii) While opening accounts as described above, the customer should be made aware that if at any point of time, the balances in all his/her accounts with the bank (taken together) exceeds Rupees Fifty Thousand (Rs. 50,000/-) or total credit in the account exceeds Rupees One Lakh (Rs.1,00,000/-) in a year, no further transactions will be permitted until the full KYC procedure is completed. In order not to inconvenience the customer, the bank must notify the customer when the balance reaches Rupees Forty Thousand (Rs. 40,000/-) or the total credit in a year reaches Rupees Eighty thousand (Rs. 80,000/-) that appropriate documents for conducting the KYC must be submitted otherwise operations in the account will be stopped. Further, banks were advised to open accounts with reduced KYC standards in respect of person....
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.... all accounts opened in terms of procedure prescribed in Rule 2A of the Notification dated December 16, 2010 referred to above and all other accounts opened ONLY on the basis of NREGA card or Aadhaar letter should be treated as "small accounts" and be subject to the conditions stipulated in clause (i) to (v) of the sub-rule (2A) of Rule 9. 2.7 Monitoring of Transactions (i) Ongoing monitoring is an essential element of effective KYC procedures. Banks can effectively control and reduce their risk only if they have an understanding of the normal and reasonable activity of the customer so that they have the means of identifying transactions that fall outside the regular pattern of activity. However, the extent of monitoring will depend on the risk sensitivity of the account. Banks should pay special attention to all complex, unusually large transactions and all unusual patterns which have no apparent economic or visible lawful purpose. Banks may prescribe threshold limits for a particular category of accounts and pay particular attention to the transactions which exceed these limits. Transactions that involve large amounts of cash inconsistent with the normal and expected activi....
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....with their boards, devise procedures for creating risk profiles of their existing and new customers and apply various anti money laundering measures keeping in view the risks involved in a transaction, account or banking/business relationship. (b) 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 institutional framework for AML / CFT in India. The recommendations of the Committee have since been accepted by the Government of India and need to be implemented. The Committee has made recommendations regarding adoption of a risk-based approach, assessment of risk and putting in place a system which would use that assessment to take steps to effectively counter ML/FT. (c) Accordingly, banks should take steps to identify and assess their ML / FT risk for customers, countries and geographical areas as also for products / services / transactions / delivery channels, in addition to what has been prescribed in the circulars issued by the Reserve Bank on KYC/AML/CFT/Obligation of banks under PMLA from time to time. Banks should have p....
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.... before issuing the cards to the customers. It is also desirable that agents are also subjected to KYC measures. 2.11 Combating Financing of Terrorism (a) In terms of PMLA Rules, suspicious transaction should include inter alia transactions which give rise to a reasonable ground of suspicion that these may involve financing of the activities relating to terrorism. Banks are, therefore, advised to develop suitable mechanism through appropriate policy framework for enhanced monitoring of accounts suspected of having terrorist links and swift identification of the transactions and making suitable reports to the Financial Intelligence Unit - India (FIU-IND) on priority. (b) As and when list of individuals and entities, approved by Security Council Committee established pursuant to various United Nations' Security Council Resolutions (UNSCRs), are received from Government of India, Reserve Bank circulates these to all banks and financial institutions. Banks should ensure to update the consolidated list of individuals and entities as circulated by the Reserve Bank. Further, the updated list of such individuals/entities can be accessed in the United Nations website at ht....
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....ule to the Order, or any other person engaged in or suspected to be engaged in terrorism and prohibit any individual or entity from making any funds, financial assets or economic resources or related services available for the benefit of the individuals or entities listed in the Schedule to the Order or any other person engaged in or suspected to be engaged in terrorism. Banks are advised to strictly follow the procedure laid down in the UAPA Order dated August 27, 2009 (Annex III) and ensure meticulous compliance to the Order issued by the Government. Banks are advised that on receipt of the list of individuals and entities subject to UN sanctions (referred to as designated lists) from the Reserve Bank, they should ensure expeditious and effective implementation of the procedure prescribed under Section 51 A of UAPA in regard to freezing /unfreezing of financial assets of the designated individuals/entities enlisted in the UNSCRs and especially in regard to funds, financial assets or economic resources or related services held in the form of bank accounts. In terms of paragraph 4 of the Order, in regard to funds, financial assets or economic resources or related services ....
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.... as per the prescribed format. (d) Freezing of financial assets • On receipt of the particulars as mentioned in paragraph c (ii) above, IS-I Division of MHA would cause a verification to be conducted by the State Police and/or the Central Agencies so as to ensure that the individuals/entities identified by the banks are the ones listed as designated individuals/entities and the funds, financial assets or economic resources or related services, reported by banks are held by the designated individuals/entities. This verification would be completed within a period not exceeding five working days from the date of receipt of such particulars. • In case, the results of the verification indicate that the properties are owned by or held for the benefit of the designated individuals/entities, an order to freeze these assets under Section 51 A of the UAPA would be issued within 24 hours of such verification and conveyed electronically to the bank branch concerned under intimation to the Reserve Bank and FIU-IND. • The Order shall take place without prior notice to the designated individuals/entities. (e) Implementation of requests received from fo....
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....d a copy of the application together with full details of the asset frozen given by any individual or entity informing of the funds, financial assets or economic resources or related services have been frozen inadvertently, to the nodal officer of IS-I Division of MHA as per the contact details given in paragraph c (ii) above within two working days. The Joint Secretary, IS-I, MHA being the nodal officer for IS-I Division of MHA, shall cause such verification as may be required on the basis of the evidence furnished by the individual/entity and if he is satisfied, he shall pass an order, within fifteen working days, unfreezing the funds, financial assets or economic resources or related services, owned/held by such applicant under intimation to the bank concerned. However, if it is not possible for any reason to pass an order unfreezing the assets within fifteen working days, the nodal officer of IS-I Division shall inform the applicant. (g) Communication of Orders under Section 51A of Unlawful Activities (Prevention) Act, 1967 All Orders under Section 51 A of Unlawful Activities (Prevention) Act, 1967, relating to funds, financial assets or economic resources or related serv....
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....ank is able to provide the relevant customer identification data immediately on request. (b) Correspondent relationship with a 'Shell Bank' Banks should refuse to enter into a correspondent relationship with a 'shell bank' (i.e. a bank which is incorporated in a country where it has no physical presence and is unaffiliated to any regulated financial group). Shell banks are not permitted to operate in India. Banks should also guard against establishing relationships with respondent foreign financial institutions that permit their accounts to be used by shell banks. Before establishing correspondent relationship with any foreign institution, banks should take appropriate measures to satisfy themselves that the foreign respondent institution does not permit its accounts to be used by shell banks. Banks should be extremely cautious while continuing relationships with respondent banks located in countries with poor KYC standards and countries identified as 'non-cooperative' in the fight against money laundering and terrorist financing. Banks should ensure that their respondent banks have anti money laundering policies and procedures in place and apply enhanced 'd....
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....ion can also be put to use by the beneficiary bank to facilitate identification and reporting of suspicious transactions to FIU­-IND. Owing to the potential terrorist financing threat posed by small wire transfers, the objective is to be in a position to trace all wire transfers with minimum threshold limits. Accordingly, banks must ensure that all wire transfers are accompanied by the following information: (A) Cross-border wire transfers • All cross-border wire transfers must be accompanied by accurate and meaningful originator information. • Information accompanying cross-border wire transfers must contain the name and address of the originator and where an account exists, the number of that account. In the absence of an account, a unique reference number, as prevalent in the country concerned, must be included • Where several individual transfers from a single originator are bundled in a batch file for transmission to beneficiaries in another country, they may be exempted from including full originator information, provided they include the originator's account number or unique reference number as at (ii) above. (B) Domestic wire....
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....related transactions are suspicious and whether they should be reported to the Financial Intelligence Unit-India. The beneficiary bank should also take up the matter with the ordering bank if a transaction is not accompanied by detailed information of the fund remitter. If the ordering bank fails to furnish information on the remitter, the beneficiary bank should consider restricting or even terminating its business relationship with the ordering bank. 2.14 Principal Officer (a) Banks should appoint a senior management officer to be designated as Principal Officer. Principal Officer shall be located at the head/corporate office of the bank and shall be responsible for monitoring and reporting of all transactions and sharing of information as required under the law. He will maintain close liaison with enforcement agencies, banks and any other institution which are involved in the fight against money laundering and combating financing of terrorism. With a view to enable the Principal Officer to discharge his responsibilities, it is advised that the Principal Officer and other appropriate staff should have timely access to customer identification data and other CDD information, ....
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....sactions whether or not made in cash and by way of as mentioned in the Rules. Explanation - Integrally connected cash transactions referred to at (b) above The following transactions have taken place in a branch during the month of April 2008: Date Mode Dr (Rs.) Cr (Rs.) Balance (Rs.) BF - 8,00,000.00 02/04/2008 Cash 5,00,000.00 3,00,000.00 6,00,000.00 07/04/2008 Cash 40,000.00 2,00,000.00 7,60,000.00 08/04/2008 Cash 4,70,000.00 1,00,000.00 3,90,000.00 Monthly summation 10,10,000.00 6,00,000.00 As per above clarification, the debit transactions in the above example are integrally connected cash transactions because total cash debits during the calendar month exceeds Rs.10 lakh. However, the bank should report only the debit transaction taken place on 02/04 and 08/04/2008. The debit transaction dated 07/04/2008 should not be separately reported by the bank, which is less than Rs. 50, 000/-. All the credit transactions in the above example would not be treated as integrally connected, as the sum total of the credit transactions during the month does not exceed Rs. 10 lakh and hence credi....
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....Such records and related documents should be made available to help auditors in their day-to-day work relating to scrutiny of transactions and also to Reserve Bank/other relevant authorities. These records are required to be preserved for ten years as is required under PMLA, 2002. (iv) Reporting to Financial Intelligence Unit - India (a) In terms of the PMLA rules, banks are required to report information relating to cash and suspicious transactions to the Director, Financial Intelligence Unit-India (FIU-IND) in respect of transactions referred to in Rule 3 at the following address: Director, FIU-IND, Financial Intelligence Unit-India, 6th Floor, Hotel Samrat, Chanakyapuri, New Delhi-110021. Website - http://fiuindia.gov.in/ (b) Banks should carefully go through all the reporting formats. There are altogether eight reporting formats, as detailed in Annex II, viz. i) Cash Transactions Report (CTR); ii) Summary of CTR iii) Electronic File Structure-CTR; iv) Suspicious Transactions Report (STR); v) Electronic File Structure-STR; vi) Counterfeit Currency Report (CCR); vii) Summary of CCR and viii) Electronic File Structure-CCR. The reporting formats ....
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....ort.xsd, FIU-INDSchemaLibrary.xsd and DataQualityReport.xsd • User Guides: Report Generation Utility User Guide and Report Validation Utility User Guide Banks are advised to carefully go through the reporting formats and initiate urgent steps to build capacity to generate reports, which are compliant with the XML format specifications. The date of transition from the old reporting format to the new reporting format will be communicated to the reporting entities separately. (v) In terms of instructions contained in paragraph 2.3(b) of this Master Circular, banks are required to prepare a profile for each customer based on risk categorisation. Further, vide paragraph 2.7, the need for periodical review of risk categorisation has been emphasized. It is, therefore, reiterated that banks, as a part of transaction monitoring mechanism, are required to put in place an appropriate software application to throw alerts when the transactions are inconsistent with risk categorization and updated profile of customers. It is needless to add that a robust software throwing alerts is essential for effective identification and reporting of suspicious transaction. (vi) The CEOs....
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....r core banking solution at one point for onward transmission to FIU-IND, provided: • The CTR is generated in the format prescribed by Reserve Bank in Para 2.15 (iv) (b) of this Master Circular. • A copy of the monthly CTR submitted on its behalf to FIU-India is available at the concerned branch for production to auditors/inspectors, when asked for; and • The instruction on 'Maintenance of records of transactions'; 'Information to be preserved' and 'Maintenance and Preservation of records' as contained above in this master circular at paragraph 2.15 (i), (ii) and (iii) respectively are scrupulously followed by the branch. However, in respect of branches not under CBS, the monthly CTR should continue to be compiled and forwarded by the branch to the Principal Officer for onward transmission to FIU-IND. 2. Suspicious Transaction Reports (STR) • While determining suspicious transactions, banks should be guided by definition of suspicious transaction contained in PMLA Rules as amended from time to time. • It is likely that in some cases transactions are abandoned / aborted by customers on being asked to give some d....
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....ure/ pamphlets etc. so as to educate the customer of the objectives of the KYC programme. The front desk staff needs to be specially trained to handle such situations while dealing with customers. (b) Employee's Training Banks must have an ongoing employee training programme so that the members of the staff are adequately trained in KYC procedures. Training requirements should have different focuses for frontline staff, compliance staff and staff dealing with new customers. It is crucial that all those concerned fully understand the rationale behind the KYC policies and implement them consistently. (c) Hiring of Employees It may be appreciated that KYC norms/AML standards/CFT measures have been prescribed to ensure that criminals are not allowed to misuse the banking channels. It would, therefore, be necessary that adequate screening mechanism is put in place by banks as an integral part of their recruitment/hiring process of personnel. Annex I (Paragraphs No. 2.4, 2.6) Customer Identification Procedure Features to be verified and documents that may be obtained from customers Features Documents Accounts of individuals • Legal name....
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....neficiaries • Telephone/fax numbers (i) Certificate of registration, if registered (ii) Power of Attorney granted to transact business on its behalf (iii) Any officially valid document to identify the trustees, settlers, beneficiaries and those holding Power of Attorney, founders/managers/ directors and their addresses(iv) Resolution of the managing body of the foundation/association(v) Telephone bill Annex II (Paragraph No. 2.15 (iv) (b) (List of various reports) • Cash Transaction Report(CTR) • Summary of CTR • electronic File Structure - CTR • Suspicious Transactions Report(STR) • Electronic File Structure - STR • Counterfeit Currency Report (CCR) • Summary of CCR • Electronic File Structure - CCR Annex III (Paragraph No. 2.11 (c)) File No.17015/10/2002-IS-VI Government of India Ministry of Home Affairs Internal Security-I Division ***** New Delhi, dated 27th August, 2009 ORDER Subject: Procedure for implementation of Section 51A of the Unlawful Activities (Prevention) Act, 1967 The Unlawful Activities (Prevention) Act, 1967 ....
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....¢ The RBI, SEBI, IRDA should forward the consolidated list of UAPA nodal officers to the banks, stock exchanges/depositories, intermediaries regulated by SEBI and insurance companies respectively. • The consolidated list of the UAPA nodal officers should be circulated to the nodal officer of IS-I Division of MHA in July every year and on every change. Joint Secretary(IS-I), being the nodal officer of IS-I Division of MHA, shall cause the amended list of UAPA nodal officers to be circulated to the nodal officers of Ministry of External Affairs, Department of Economic Affairs, Foreigners Division of MHA, RBI, SEBI, IRDA and FIU-IND. Communication of the list of designated individuals/entities 3. As regards communication of the list of designated individuals/entities- • The Ministry of External Affairs shall update the list of individuals and entities subject to UN sanction measures on a regular basis. On any revision, the Ministry of External Affairs would electronically forward this list to the Nodal Officers in Regulators, FIU-IND, IS-I Division and Foreigners' Division in MHA. • The Regulators would forward the list mentioned in (i....
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....e UAPA nodal officer of the state/ UT where the account is held and Regulators and FIU0IND, as the case may be. • In case, the match of any of the customers with the particulars of designated individuals/entities is beyond doubt, the banks stock exchanges / depositories, intermediaries regulated by SEBI and insurance companies would prevent designated persons from conducting financial transactions, under intimation to Joint Secretary (IS.I), Ministry of Home Affairs, at Fax No. 011-23092569 and also convey over telephone on 011-23092736. The particulars apart from being sent by post should necessarily be conveyed on e-mail. • The banks, stock exchanges/depositories, intermediaries regulated by SEBI and insurance companies shall file a Suspicious Transaction Report (STR) with FIU-IND covering all transactions in the accounts covered by paragraph (ii) above, carried through or attempted, as per the prescribed format. 5. On receipt of the particulars referred to in paragraph 3(ii) above, IS-I Division of MHA would cause a verification to be conducted by the State Police and/or the Central Agencies so as to ensure that the individuals/entities identifie....
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....uals/entities is found, the UAPA nodal officer of the State/UT would cause communication of the complete particulars of such individual/entity along with complete details of the financial assets or economic resources of the nature of immovable property to the Joint Secretary (IS.I), Ministry of Home Affairs, immediately within 24 hours at Fax No.011-23092569 and also convey over telephone on 011-23092736. The particulars apart from being sent by post should necessarily be conveyed on e-mail. 9. The UAPA nodal officer of the State/UT may cause such inquiry to be conducted by the State Police so as to ensure that the particulars sent by the Registrar performing the work of registering immovable properties are indeed of these designated individuals/entities. This verification would be completed within a maximum of 5 working days and should be conveyed within 24 hours of the verification, if it matches with the particulars of the designated individual/entity to Joint Secretary(IS-I), Ministry of Home Affairs at the Fax telephone numbers and also on the e-mail id given below. 10. A copy of this reference should be sent to the Joint Secretary (IS.I), Ministry of Home Affairs, at Fa....
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....ration is developed among countries, countries should examine and give effect to, if appropriate, the actions initiated under the freezing mechanisms of other countries. 14. To give effect to the requests of foreign countries under U.N. Security Council Resolution 1373, the Ministry of External Affairs shall examine the requests made by the foreign countries and forward it electronically, with their comments, to the UAPA nodal officer for IS-I Division for freezing of funds or other assets. 15. The UAPA nodal officer of IS-I Division of MHA, shall cause the request to be examined, within 5 working days so as to satisfy itself that on the basis of applicable legal principles, the requested designation is supported by reasonable grounds, or a reasonable basis, to suspect or believe that the proposed designee is a terrorist, one who finances terrorism or a terrorist organization, and upon his satisfaction, request would be electronically forwarded to the nodal officers in Regulators. FIU-IND and to the nodal officers of the States/UTs. The proposed designee, as mentioned above would be treated as designated individuals/entities. 16. Upon receipt of the requests by these nodal....
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....urces or related services, would be communicated to all banks, depositories/stock exchanges, intermediaries regulated by SEBI, insurance companies through respective Regulators, and to all the Registrars performing the work of registering immovable properties, through the State/UT nodal officer by IS-I Division of MHA. Regarding prevention of entry into or transit through India 21. As regards prevention of entry into or transit through India of the designated individuals, the Foreigners Division of MHA, shall forward the designated lists to the immigration authorities and security agencies with a request to prevent the entry into or the transit through India. The order shall take place without prior notice to the designated individuals/entities. 22. The immigration authorities shall ensure strict compliance of the Orders and also communicate the details of entry or transit through India of the designated individuals as prevented by them to the Foreigners' Division of MHA. Procedure for communication of compliance of action taken under Section 51A. 23. The nodal officers of IS-I Division and Foreigners Division of MHA shall furnish the details of funds, financial ....
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....". (ii) in clause (d), for the words "the Election Commission of India or any other document as may be required by the banking company or financial institution or intermediary", the words "Election Commission of India, job card issued by NREGA duly signed by an officer of the State Government, the letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number or any other document as notified by the Central Government in consultation with the Reserve Bank of India or any other document as may be required by the banking companies, or financial institution or intermediary" shall be substituted; (iii) after clause (fa), the following clause shall be inserted, namely:- "(fb) "small account" means a savings account in a banking company where- (i) the aggregate of all credits in a financial year does not exceed rupees one lakh, (ii) the aggregate of all withdrawals and transfers in a month does not exceed rupees ten thousand, and; (iii) the balance at any point of time does not exceed rupees fifty thousand". (b) In rule 9, after sub-rule (2), the following sub-rule shall be inserted, namely:- "(2A) Notwit....
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....February, 2010 and number G.S.R. 508(E), dated the 16th June, 2010. APPENDIX Master Circular - Know Your Customer (KYC) norms / Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002 List of Circulars consolidated in the Master Circular No. Circular No Date Subject 1 UBD.CO.BPD(PCB).No. 34/12.05.001/2011-12 11.05.2012 Know Your Customer (KYC) Guidelines - Accounts of Proprietary Concerns 2 UBD.CO.BPD.No.24/12.05.001/2011-12 05.03.2012 Know Your Customer (KYC) norms/Anti Money Laundering Standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002- Assessment and monitoring of risk 3 UBD.BPD.(PCB).Cir.No.20/14.01.062/2011-12 01.03.2012 Implementation of Section 51A of UAPA, 1967 - Splitting of UNSC 1267 Committee's list of individuals and entities linked to Al Qaida and Taliban 4 UBD.CO.BPD.No. 10/12.05.001/2011-12 09.11.2011 Prevention of Money Laundering Act, 2002 (PMLA) and Rules thereunder - Reporting of CTR, STR etc. to FIU-India- Reporting format under project FINnet 5 UBD.BPD.P....
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....tandards / Combating Financing of Terrorism (CFT) / Obligation of Banks under Prevention of Money Laundering Act, 2002 17 UBD. BPD. (PCB) No. 10/12.05.001/2010-11 23.08.2010 Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards / Combating Financing of Terrorism (CFT) / Obligation of Banks under Prevention of Money Laundering Act, 2002 18 UBD. BPD. (PCB) No. 9 / 12.05.001/2010-11 23.08.2010 Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards / Combating Financing of Terrorism (CFT) / Obligation of Banks under Prevention of Money Laundering Act, 2002 19 UBD. BPD. (PCB) Cir. No. 7 / 14.01.062/2010-11 12.08.2010 Know Your Customer (KYC) Norms / Anti-Money Laundering Standards (AML) / Combating Financing of Terrorism 20 UBD.BPD(PCB)Cir.No. 71/12.05.001/2009-10 15.06.2010 Prevention of Money Laundering ( Maintenance of the Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing information and Verification and Maintenance of records of the identity of the Clients of the Banking companies, Financial Institutions and Intermediaries)Amendment Rules, 2....