TaxTMI 
TaxTMI 
Master Direction - Know Your Customer (KYC) Direction, 2016 (Updated as on August 14, 2025)
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....ure Part I - Customer Due Diligence (CDD) Procedure in case of Individuals Part II - CDD Measures for Sole Proprietary firms Part III - CDD Measures for Legal Entities Part IV - Identification of Beneficial Owner Part V - On-going Due Diligence Part VI - Enhanced and Simplified Due Diligence Procedure Chapter VII Record Management Chapter VIII Reporting Requirements to Financial Intelligence Unit - India Chapter IX Requirements/obligations under International Agreements - Communications from International Agencies Chapter X Other Instructions Chapter XI Repeal Provisions Annex I Annex II Annex III Annex IV Appendix List of Circulars or part thereof repealed with the issuance of Master Direction ^1INTRODUCTION In order to prevent banks and other financial institutions from being used as a channel for Money Laundering (ML)/Terrorist Financing (TF) and to ensure the integrity and stability of the financial system, efforts are continuously being made both internationally and nationally, by way of prescribing various rules and regulations. Internationally, the Financial Action Task Force (FATF) w....
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....s defined in 3 (b) (xiv) below, except where specifically mentioned otherwise. (b) These directions shall also apply to those branches and majority owned subsidiaries of the REs which are located abroad, to the extent they are not contradictory to the local laws in the host country, provided that: • ^4where applicable laws and regulations prohibit implementation of these guidelines, the same shall be brought to the notice of the Reserve Bank of India. RBI may advise further necessary action by the RE including application of additional measures to be taken by the RE to manage the ML/TF risks. • in case there is a variance in KYC/AML standards prescribed by the Reserve Bank of India and the host country regulators, branches/subsidiaries of REs are required to adopt the more stringent regulation of the two. • branches/subsidiaries of foreign incorporated banks may adopt the more stringent regulation of the two i.e., standards prescribed by the Reserve Bank of India and their home country regulators. Provided that this rule shall not apply to 'small accounts' referred to in paragraph 23 of Chapter VI. 3. Definitions In the....
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....of/entitlement to more than 15 percent of the property or capital or profits of the unincorporated association or body of individuals. Explanation: Term 'body of individuals' includes societies. Where no natural person is identified under (a), (b) or (c) above, the beneficial owner is the relevant natural person who holds the position of senior managing official. d. ^9Where the customer is a trust, the identification of beneficial owner(s) shall include identification of the author of the trust, the trustee, the beneficiaries with 10 percent or more interest in the trust and any other natural person exercising ultimate effective control over the trust through a chain of control or ownership. v. ^10"Certified Copy" - Obtaining a certified copy by the RE shall mean comparing the copy of the proof of possession of Aadhaar number where offline verification cannot be carried out or officially valid document so produced by the customer with the original and recording the same on the copy by the authorised officer of the RE as per the provisions contained in the Act. Provided that in case of Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs....
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....13"Equivalent e-document" means an electronic equivalent of a document, issued by the issuing authority of such document with its valid digital signature including documents issued to the digital locker account of the customer as per rule 9 of the Information Technology (Preservation and Retention of Information by Intermediaries Providing Digital Locker Facilities) Rules, 2016. xi ^14"Group" - The term "group" shall have the same meaning assigned to it in clause (e) of sub-section (9) of section 286 of the Income-tax Act,1961 (43 of 1961). xii. ^15"Know Your Client (KYC) Identifier" means the unique number or code assigned to a customer by the Central KYC Records Registry. xiii. ^16"Non-profit organisations" (NPO) means any entity or organisation, constituted for religious or charitable purposes referred to in clause (15) of section 2 of the Income-tax Act, 1961 (43 of 1961), that is registered as a trust or a society under the Societies Registration Act, 1860 or any similar State legislation or a company registered under Section 8 of the Companies Act, 2013 (18 of 2013). xiv. "Officially Valid Document" (OVD) means the passport, the driving lic....
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.... 2016 (18 of 2016). xvi. "Person" has the same meaning assigned in the Act and includes: • an individual, • a Hindu undivided family, • a company, • a firm, • an association of persons or a body of individuals, whether incorporated or not, • every artificial juridical person, not falling within any one of the above persons (a to e), and • any agency, office or branch owned or controlled by any of the above persons (a to f). xvii. ^20Deleted. xviii. ^21"Principal Officer" means an officer at the management level nominated by the RE, responsible for furnishing information as per rule 8 of the Rules. xix. "Suspicious transaction" means a "transaction" as defined below, including an attempted transaction, whether or not made in cash, which, to a person acting in good faith: • gives rise to a reasonable ground of suspicion that it may involve proceeds of an offence specified in the Schedule to the Act, regardless of the value involved; or • appears to be made in circumstances of unusual or unjustified complexity; or • appea....
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....Entity (RE) and includes a person on whose behalf the person who is engaged in the transaction or activity, is acting. iv. "Walk-in Customer" means a person who does not have an account-based relationship with the RE, but undertakes transactions with the RE. v. ^24"Customer Due Diligence (CDD)" means identifying and verifying the customer and the beneficial owner using reliable and independent sources of identification. Explanation - The CDD, at the time of commencement of an account-based relationship or while carrying out occasional transaction of an amount equal to or exceeding rupees fifty thousand, whether conducted as a single transaction or several transactions that appear to be connected, or any international money transfer operations, shall include: • Identification of the customer, verification of their identity using reliable and independent sources of identification, obtaining information on the purpose and intended nature of the business relationship, where applicable • Taking reasonable steps to understand the nature of the customer's business, and its ownership and control; • Determining w....
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....mpanies (ARCs) e. All Payment System Providers (PSPs)/ System Participants (SPs) and Prepaid Payment Instrument Issuers (PPI Issuers) f. All authorised persons (APs) including those who are agents of Money Transfer Service Scheme (MTSS), regulated by the Regulator. xv. ^28Shell Bank" means a bank that has no physical presence in the country in which it is incorporated and licensed, and which is unaffiliated with a regulated financial group that is subject to effective consolidated supervision. Physical presence means meaningful mind and management located within a country. The existence simply of a local agent or low-level staff does not constitute physical presence. xvi. ^29"Video based Customer Identification Process (V-CIP)": an alternate method of customer identification with facial recognition and customer due diligence by an authorised official of the RE by undertaking seamless, secure, live, informed-consent based audio-visual interaction with the customer to obtain identification information required for CDD purpose, and to ascertain the veracity of the information furnished by the customer through independent verification and maintaining....
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....y other entity, regulated by the RBI which handles an intermediary element of the wire transfer, in a serial or cover payment chain and that receives and transmits a wire transfer on behalf of the ordering financial institution and the beneficiary financial institution, or another intermediary financial institution. • Ordering RE: Ordering RE refers to the financial institution, regulated by the RBI, which initiates the wire transfer and transfers the funds upon receiving the request for a wire transfer on behalf of the originator. Originator: Originator refers to the account holder who allows the wire transfer from that account, or where there is no account, the natural or legal person that places the order with the ordering financial institution to perform the wire transfer. • Serial Payment: Serial Payment refers to a direct sequential chain of payment where the wire transfer and accompanying payment message travel together from the ordering financial institution to the beneficiary financial institution directly or through one or more intermediary financial institutions (e.g., correspondent banks). • Straight-through Processing:....
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....t financing, proliferation financing and other related risks. While ensuring compliance of the legal/regulatory requirements as above, REs may also consider adoption of best international practices taking into account the FATF standards and FATF guidance notes, for managing risks better. 5. The KYC policy shall include following four key elements: • Customer Acceptance Policy; • Risk Management; • Customer Identification Procedures (CIP); and • Monitoring of Transactions ^345A. Money Laundering and Terrorist Financing Risk Assessment by REs: (a) REs shall carry out 'Money Laundering (ML) and Terrorist Financing (TF) Risk Assessment' exercise periodically to identify, assess and take effective measures to mitigate its money laundering and terrorist financing risk for clients, countries or geographic areas, products, services, transactions or delivery channels, etc. The assessment process should consider all the relevant risk factors before determining the level of overall risk and the appropriate level and type of mitigation to be applied. While preparing the internal risk assessment, REs shall take cognizan....
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.... with KYC Policy through: • Specifying as to who constitute 'Senior Management' for the purpose of KYC compliance. • Allocation of responsibility for effective implementation of policies and procedures. • Independent evaluation of the compliance functions of REs' policies and procedures, including legal and regulatory requirements. • Concurrent/internal audit system to verify the compliance with KYC/AML policies and procedures. • Submission of quarterly audit notes and compliance to the Audit Committee. (b) REs shall ensure that decision-making functions of determining compliance with KYC norms are not outsourced. CHAPTER III Customer Acceptance Policy 9. REs shall frame a Customer Acceptance Policy. 10. Without prejudice to the generality of the aspect that Customer Acceptance Policy may contain, REs shall ensure that: • No account is opened in anonymous or fictitious/benami name. • ^38No account is opened where the RE is unable to apply appropriate CDD measures, either due to non-cooperation of the customer or non-reliability of the documents/information fur....
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....elieves that performing the CDD process will tip-off the customer, it shall not pursue the CDD process, and instead file an STR with FIU-IND. CHAPTER IV Risk Management 12. For Risk Management, REs shall have a risk-based approach which includes the following. • Customers shall be categorised as low, medium and high-risk category, based on the assessment and risk perception of the RE. • ^47Broad principles may be laid down by the REs for risk-categorisation of customers. • ^48Risk categorisation shall be undertaken based on parameters such as customer's identity, social/financial status, nature of business activity, and information about the customer's business and their location, geographical risk covering customers as well as transactions, type of products/services offered, delivery channel used for delivery of products/services, types of transaction undertaken - cash, cheque/monetary instruments, wire transfers, forex transactions, etc. While considering customer's identity, the ability to confirm identity documents through online or other services offered by issuing authorities may also be factored in. • ^49The r....
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....t by the third party is obtained immediately from the third party or from the Central KYC Records Registry. • Adequate steps are taken by REs to satisfy themselves that copies of identification data and other relevant documentation relating to the customer due diligence requirements shall be made available from the third party upon request without delay. • The third party is regulated, supervised or monitored for, and has measures in place for, compliance with customer due diligence and record-keeping requirements in line with the requirements and obligations under the PML Act. • The third party shall not be based in a country or jurisdiction assessed as high risk. • The ultimate responsibility for customer due diligence and undertaking enhanced due diligence measures, as applicable, will be with the RE. Chapter VI Customer Due Diligence (CDD) Procedure Part I - Customer Due Diligence (CDD) Procedure in case of Individuals 15. ^54Deleted 16. ^55For undertaking CDD, REs shall obtain the following from an individual while establishing an account-based relationship or while dealing with the individual who is a benefici....
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....cannot be carried out, the RE shall carry out verification through digital KYC as specified under Annex I. ^57v) KYC Identifier under clause (ac) above, the RE shall retrieve the KYC records online from the CKYCR in accordance with paragraph 56. Provided that for a period not beyond such date as may be notified by the Government for a class of REs, instead of carrying out digital KYC, the RE pertaining to such class may obtain a certified copy of the proof of possession of Aadhaar number or the OVD and a recent photograph where an equivalent e-document is not submitted. Provided further that in case e-KYC authentication cannot be performed for an individual desirous of receiving any benefit or subsidy under any scheme notified under section 7 of the Aadhaar (Targeted Delivery of Financial and Other subsidies, Benefits and Services) Act, 2016 owing to injury, illness or infirmity on account of old age or otherwise, and similar causes, REs shall, apart from obtaining the Aadhaar number, perform identification preferably by carrying out offline verification or alternatively by obtaining the certified copy of any other OVD or the equivalent e-document thereof from the customer....
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....l not exceed rupees sixty thousand in a year. • ^60Accounts, both deposit and borrowal, opened using OTP based e-KYC shall not be allowed for more than one year unless identification as per paragraph 16 or as per paragraph 18 (V-CIP) is carried out. If Aadhaar details are used under paragraph 18, the process shall be followed in its entirety including fresh Aadhaar OTP authentication. • If the CDD procedure as mentioned above is not completed within a year, in respect of deposit accounts, the same shall be closed immediately. In respect of borrowal accounts no further debits shall be allowed. • ^61A declaration shall be obtained from the customer to the effect that no other account has been opened nor will be opened using OTP based KYC in non-face-to-face mode with any other RE. Further, while uploading KYC information to CKYCR, REs shall clearly indicate that such accounts are opened using OTP based e-KYC and other REs shall not open accounts based on the KYC information of accounts opened with OTP based e-KYC procedure in non-face-to-face mode. • REs shall have strict monitoring procedures including systems to generate alerts in....
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....f the customer undertaking the V-CIP and date-time stamp. The quality of the live video in the V-CIP shall be adequate to allow identification of the customer beyond doubt. v) The application shall have components with face liveness / spoof detection as well as face matching technology with high degree of accuracy, even though the ultimate responsibility of any customer identification rests with the RE. Appropriate artificial intelligence (AI) technology can be used to ensure that the V-CIP is robust. vi) Based on experience of detected / attempted / 'near-miss' cases of forged identity, the technology infrastructure including application software as well as work flows shall be regularly upgraded. Any detected case of forged identity through V-CIP shall be reported as a cyber event under extant regulatory guidelines. vii) ^65The V-CIP infrastructure shall undergo necessary tests such as Vulnerability Assessment, Penetration testing and a Security Audit to ensure its robustness and end-to-end encryption capabilities. Any critical gap reported under this process shall be mitigated before rolling out its implementation. Such tests should be conducted by the ....
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....ownloaded from CKYCR, in accordance with paragraph 56, using the KYC identifier provided by the customer • Equivalent e-document of Officially Valid Documents (OVDs) including documents issued through DigiLocker RE shall ensure to redact or blackout the Aadhaar number in terms of paragraph 16. ^68In case of offline verification of Aadhaar using XML file or Aadhaar Secure QR Code, it shall be ensured that the XML file or QR code generation date is not older than three working days from the date of carrying out V-CIP. ^69Further, in line with the prescribed period of three working days for usage of Aadhaar XML file/Aadhaar QR code, REs shall ensure that the video process of the V-CIP is undertaken within three working days of downloading/obtaining the identification information through CKYCR/Aadhaar authentication/equivalent e-document, if in the rare cases, the entire process cannot be completed at one go or seamlessly. However, REs shall ensure that no incremental risk is added due to this. vii) If the address of the customer is different from that indicated in the OVD, suitable records of the current address shall be captured, as pe....
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....limitations: • the aggregate of all credits in a financial year does not exceed rupees one lakh; • the aggregate of all withdrawals and transfers in a month does not exceed rupees ten thousand; and • the balance at any point of time does not exceed rupees fifty thousand. ^74Provided, that this limit on balance shall not be considered while making deposits through Government grants, welfare benefits and payment against procurements. Further, small accounts are subject to the following conditions: (a) The bank shall obtain a self-attested photograph from the customer. (b) The designated officer of the bank certifies under his signature that the person opening the account has affixed his signature or thumb impression in his presence. ^75Provided that where the individual is a prisoner in a jail, the signature or thumb print shall be affixed in presence of the officer in-charge of the jail and the said officer shall certify the same under his signature and the account shall remain operational on annual submission of certificate of proof of address issued by the officer in-charge of the jail. (c) Such accou....
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.... rupees one lakh in a year. • The customer shall be made aware that no further transactions will be permitted until the full KYC procedure is completed in case Directions (d) and (e) above are breached by him. • The customer shall be notified when the balance reaches rupees forty thousand or the total credit in a year reaches rupees eighty thousand that appropriate documents for conducting the KYC must be submitted otherwise the operations in the account shall be stopped when the total balance in all the accounts taken together exceeds the limits prescribed in direction (d) and (e) above. • ^81The account shall be monitored and when there is suspicion of ML/TF activities or other high-risk scenarios, the identity of the customer shall be established as per paragraph 16 or paragraph 18. 25. ^82Deleted. 26. ^83KYC verification once done by one branch/office of the RE shall be valid for transfer of the account to any other branch/office of the same RE, provided full KYC verification has already been done for the concerned account and the same is not due for periodic updation. Part II - CDD Measures for Sole Proprietary firms 27. ^84Fo....
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....he case may be, holding an attorney to transact on the company's behalf • ^91the names of the relevant persons holding senior management position; and • ^92the registered office and the principal place of its business, if it is different. 31. ^93For opening an account of a partnership firm, the certified copies of each of the following documents or the equivalent e-documents thereof shall be obtained: • Registration certificate • Partnership deed • ^94Permanent Account Number of the partnership firm • ^95Documents, as specified in paragraph 16, relating to beneficial owner, managers, officers or employees, as the case may be, holding an attorney to transact on its behalf • ^96the names of all the partners and • ^97address of the registered office, and the principal place of its business, if it is different. 32. ^98For opening an account of a trust, certified copies of each of the following documents or the equivalent e-documents thereof shall be obtained: • Registration certificate • Trust deed • ^99Permanent Account Number or Form No.....
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....se their status at the time of commencement of an account-based relationship or when carrying out transactions as specified in clauses (b), (e) and (f) of paragraph 13 of this MD. Part IV - Identification of Beneficial Owner 34. For opening an account of a Legal Person who is not a natural person, the beneficial owner(s) shall be identified and all reasonable steps in terms of sub-rule (3) of Rule 9 of the Rules to verify his/her identity shall be undertaken keeping in view the following: • ^109Where the customer or the owner of the controlling interest is (i) an entity listed on a stock exchange in India, or (ii) it is an entity resident in jurisdictions notified by the Central Government and listed on stock exchanges in such jurisdictions, or (iii) it is a subsidiary of such listed entities; it is not necessary to identify and verify the identity of any shareholder or beneficial owner of such entities. • In cases of trust/nominee or fiduciary accounts whether the customer is acting on behalf of another person as trustee/nominee or any other intermediary is determined. In such cases, satisfactory evidence of the identity of the intermediaries and of....
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....d under CDD is kept up-to-date and relevant, particularly where there is high risk. However, periodic updation shall be carried out at least once in every two years for high-risk customers, once in every eight years for medium risk customers and once in every ten years for low-risk customers from the date of opening of the account/last KYC updation. Policy in this regard shall be documented as part of REs' internal KYC policy duly approved by the Board of Directors of REs or any committee of the Board to which power has been delegated. ^113Notwithstanding the provisions given above, in respect of an individual customer who is categorized as low risk, the RE shall allow all transactions and ensure the updation of KYC within one year of its falling due for KYC or upto June 30, 2026, whichever is later. The RE shall subject accounts of such customers to regular monitoring. This shall also be applicable to low-risk individual customers for whom periodic updation of KYC has already fallen due. a) Individuals: • No change in KYC information: In case of no change in the KYC information, a self-declaration from the customer in this regard shall be obtained through custom....
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.... records get updated in the system, as required under paragraph 38(c) of the Master Direction ibid. It is, however, reiterated that the ultimate responsibility for periodic updation of KYC remains with the bank concerned. • Accounts of customers, who were minor at the time of opening account, on their becoming major: In case of customers for whom account was opened when they were minor, fresh photographs shall be obtained on their becoming a major and at that time it shall be ensured that CDD documents as per the current CDD standards are available with the REs. Wherever required, REs may carry out fresh KYC of such customers i.e., customers for whom account was opened when they were minor, on their becoming a major. • ^117Aadhaar OTP based e-KYC in non-face to face mode may be used for ^118updation/periodic updation. To clarify, conditions stipulated in paragraph 17 are not applicable in case of updation/ periodic updation of KYC through Aadhaar OTP based e-KYC in non-face to face mode. Declaration of current address, if the current address is different from the address in Aadhaar, shall not require positive confirmation in this case. REs shall e....
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....icy duly approved by the Board of Directors of REs or any committee of the Board to which power has been delegated. • REs shall adopt a risk-based approach with respect to periodic updation of KYC. Any additional and exceptional measures, which otherwise are not mandated under the above instructions, adopted by the REs such as requirement of obtaining recent photograph, requirement of physical presence of the customer, requirement of periodic updation of KYC only in the branch of the RE where account is maintained, a more frequent periodicity of KYC updation than the minimum specified periodicity etc., shall be clearly specified in the internal KYC policy duly approved by the Board of Directors of REs or any committee of the Board to which power has been delegated. d) ^123REs shall advise the customers that in order to comply with the PML Rules, in case of any update in the documents submitted by the customer at the time of establishment of business relationship/ account-based relationship and thereafter, as necessary; customers shall submit to the REs the update of such documents. This shall be done within 30 days of the update to the documents for the purpose of u....
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....l be appropriately settled after establishing the identity of the customer by obtaining the identification documents as applicable to the customer. Explanation - For the purpose of this paragraph, "temporary ceasing of operations" in relation an account shall mean the temporary suspension of all transactions or activities in relation to that account by the RE till such time the customer complies with the provisions of this paragraph. In case of asset accounts such as loan accounts, for the purpose of ceasing the operation in the account, only credits shall be allowed. Part VI - Enhanced and Simplified Due Diligence Procedure A. Enhanced Due Diligence 40. ^126Enhanced Due Diligence (EDD) for non-face-to-face customer onboarding (other than customer onboarding in terms of paragraph 17): Non-face-to-face onboarding facilitates the REs to establish relationship with the customer without meeting the customer physically or through V-CIP. Such non-face-to-face modes for the purpose of this paragraph includes use of digital channels such as CKYCR, DigiLocker, equivalent e-document, etc., and non-digital modes such as obtaining copy of OVD certified by additional certifying auth....
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.... • in the event of an existing customer or the beneficial owner of an existing account subsequently becoming a PEP, senior management's approval is obtained to continue the business relationship; B. These instructions shall also be applicable to family members or close associates of PEPs. ^128Explanation: For the purpose of this paragraph, "Politically Exposed Persons" (PEPs) are individuals who are or have been entrusted with prominent public functions by a foreign country, including the Heads of States/Governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials. 42. Client accounts opened by professional intermediaries: REs shall ensure while opening client accounts through professional intermediaries, that: • Clients shall be identified when client account is opened by a professional intermediary on behalf of a single client. • REs shall have option to hold 'pooled' accounts managed by professional intermediaries on behalf of entities like mutual funds, pension funds or other types of funds. • REs shall n....
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....rior approval of the Reserve Bank for opening the account. 45. Simplified KYC norms for Foreign Portfolio Investors (FPIs) Accounts of FPIs which are eligible/ registered as per SEBI guidelines, for the purpose of investment under Portfolio Investment Scheme (PIS), shall be opened by accepting KYC documents as detailed in Annex IV, subject to Income Tax (FATCA/CRS) Rules. Provided that banks shall obtain undertaking from FPIs or the Global Custodian acting on behalf of the FPI that as and when required, the exempted documents as detailed in Annex IV will be submitted. Chapter VII Record Management 46. ^131The following steps shall be taken regarding maintenance, preservation and reporting of customer information, with reference to provisions of PML Act and Rules. REs shall, (a) maintain all necessary records of transactions between the RE and the customer, both domestic and international, for at least five years from the date of transaction; (b) preserve the records pertaining to the identification of the customers and their addresses obtained while opening the account and during the course of business relationship, for at least five years after ....
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.... for detecting transactions referred to in various clauses of sub-rule (1) of rule 3, to direct them about the form of furnishing information and to specify the procedure and the manner of furnishing information. 48. The reporting formats and comprehensive reporting format guide, prescribed/ released by FIU-IND and Report Generation Utility and Report Validation Utility developed to assist reporting entities in the preparation of prescribed reports shall be taken note of. The editable electronic utilities to file electronic Cash Transaction Reports (CTR) / Suspicious Transaction Reports (STR) which FIU-IND has placed on its website shall be made use of by REs which are yet to install/adopt suitable technological tools for extracting CTR/STR from their live transaction data. The Principal Officers of those REs, whose all branches are not fully computerized, shall have suitable arrangement to cull out the transaction details from branches which are not yet computerized and to feed the data into an electronic file with the help of the editable electronic utilities of CTR/STR as have been made available by FIU-IND on its website http://fiuindia.gov.in. 49. ^134While furnishing in....
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....Terrorism (Implementation of Security Council Resolutions) Order, 2007, as amended from time to time. The aforementioned lists, i.e., UNSC Sanctions Lists and lists as available in the Schedules to the Prevention and Suppression of Terrorism (Implementation of Security Council Resolutions) Order, 2007, as amended from time to time, shall be verified on daily basis and any modifications to the lists in terms of additions, deletions or other changes shall be taken into account by the REs for meticulous compliance. (b) Details of accounts resembling any of the individuals/entities in the lists shall be reported to FIU-IND apart from advising Ministry of Home Affairs (MHA) as required under UAPA notification dated ^136February 2, 2021 (Annex II of this Master Direction). (c) Freezing of Assets under Section 51A of UAPA, 1967: The procedure laid down in the UAPA Order dated ^137February 2, 2021 (Annex II of this Master Direction), shall be strictly followed and meticulous compliance with the Order issued by the Government shall be ensured. The list of Nodal Officers for UAPA is available on the website of MHA. 52. ^138Obligations under Weapons of Mass Destruction (W....
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....regarding unfreezing shall be forwarded by RE along with full details of the asset frozen, as given by the applicant, to the CNO by email, FAX and by post, within two working days. 53. REs shall verify every day, the 'UNSCR 1718 Sanctions List of Designated Individuals and Entities', as available at https://www.mea.gov.in/Implementation-of-UNSC-Sanctions-DPRK.htm, to take into account any modifications to the list in terms of additions, deletions or other changes and also ensure compliance with the 'Implementation of Security Council Resolution on Democratic People's Republic of Korea Order, 2017', as amended from time to time by the Central Government. 53A. ^141In addition to the above, REs shall take into account - (a) other UNSCRs and (b) lists in the first schedule and the fourth schedule of UAPA, 1967 and any amendments to the same for compliance with the Government orders on implementation of Section 51A of the UAPA and Section 12A of the WMD Act. 53B. ^142REs shall undertake countermeasures when called upon to do so by any international or intergovernmental organisation of which India is a member and accepted by the Central Government. 54. Jurisdictions that do n....
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....g to secrecy in the transactions. (d) The exceptions to the said rule shall be as under: • Where disclosure is under compulsion of law, • Where there is a duty to the public to disclose, • Where the interest of RE requires disclosure, and • Where the disclosure is made with the express or implied consent of the customer. 55A. ^146Compliance with the provisions of Foreign Contribution (Regulation) Act, 2010 Banks shall ensure adherence to the provisions of Foreign Contribution (Regulation) Act, 2010 and Rules made thereunder. Further, banks shall also ensure meticulous compliance with any instructions / communications on the matter issued from time to time by the Reserve Bank based on advice received from the Ministry of Home Affairs, Government of India. 56. ^147CDD Procedure and sharing KYC information with Central KYC Records Registry (CKYCR) (a) Government of India has authorised the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), to act as, and to perform the functions of the CKYCR vide Gazette Notification No. S.O. 3183(E) dated November 26, 2015. ....
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.... shall update the KYC records of the existing customer in CKYCR. CKYCR shall thereafter inform electronically all the reporting entities who have dealt with the concerned customer regarding updation of KYC record of the said customer. Once CKYCR informs an RE regarding an update in the KYC record of an existing customer, the RE shall retrieve the updated KYC records from CKYCR and update the KYC record maintained by the RE. (i) REs shall ensure that during periodic updation, the customers are migrated to the current CDD standard. (j) ^149For the purpose of establishing an account-based relationship, updation/ periodic updation or for verification of identity of a customer, the RE shall seek the KYC Identifier from the customer or retrieve the KYC Identifier, if available, from the CKYCR and proceed to obtain KYC records online by using such KYC Identifier and shall not require a customer to submit the same KYC records or information or any other additional identification documents or details, unless- • there is a change in the information of the customer as existing in the records of CKYCR; or • the KYC record or information retrieved is ....
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....sure of Financial Accounts' under Rule 114H (8). 58. Period for presenting payment instruments Payment of cheques/drafts/pay orders/banker's cheques, if they are presented beyond the period of three months from the date of such instruments, shall not be made. 59. ^151Operation of Bank Accounts & Money Mules The instructions on opening of accounts and monitoring of transactions shall be strictly adhered to, in order to minimise the operations of "Money Mules" which are used to launder the proceeds of fraud schemes (e.g., phishing and identity theft) by criminals who gain illegal access to deposit accounts by recruiting third parties which act as "money mules." Banks shall undertake diligence measures and meticulous monitoring to identify accounts which are operated as Money Mules and take appropriate action, including reporting of suspicious transactions to FIU-IND. Further, if it is established that an account opened and operated is that of a Money Mule, but no STR was filed by the concerned bank, it shall then be deemed that the bank has not complied with these directions. 60. Collection of Account Payee Cheques Account payee cheques for any person other than the....
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....entities that will use the correspondent banking services, regulatory/supervisory framework in the respondent bank's home country among other relevant information. • Prior approval from senior management shall be obtained for establishing new correspondent banking relationships. However, post facto approval of the Board or the Committee empowered for this purpose shall also be taken. • Banks shall clearly document and understand the respective AML/CFT responsibilities of institutions involved. • In the case of payable-through-accounts, the correspondent bank shall be satisfied that the respondent bank has conducted CDD on the customers having direct access to the accounts of the correspondent bank and is undertaking on-going 'due diligence' on them. • The correspondent bank shall ensure that the respondent bank is able to provide the relevant CDD information immediately on request. • Correspondent relationship shall not be entered into or continued with a shell bank. • It shall be ensured that the respondent banks do not permit their accounts to be used by shell banks. • Banks shall b....
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....ifty thousand where the originator is not an account holder of the ordering RE and where the information accompanying the wire transfer can be made available to the beneficiary RE and appropriate authorities by other means, it is sufficient for the ordering RE to include a unique transaction reference number, provided that this number or identifier will permit the transaction to be traced back to the originator or the beneficiary. The ordering RE shall make the information available within three working/business days of receiving the request from the intermediary RE, beneficiary RE, or from appropriate competent authorities. v. ^158REs shall ensure that all the information on the wire transfers shall be immediately made available to appropriate law enforcement authorities, prosecuting / competent authorities as well as FIU-IND on receiving such requests with appropriate legal provisions. vi. The wire transfer instructions are not intended to cover the following types of payments: • Any transfer that flows from a transaction carried out using a credit card/debit card/Prepaid Payment Instrument (PPI), including through a token or any other simi....
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.... RE shall keep a record, for at least five years, of all the information received from the ordering financial institution or another intermediary RE. • Intermediary RE shall take reasonable measures to identify cross-border wire transfers that lack required originator information or required beneficiary information. Such measures should be consistent with straight-through processing. • Intermediary RE shall have effective risk-based policies and procedures for determining: (a) when to execute, reject, or suspend a wire transfer lacking required originator or required beneficiary information; and (b) the appropriate follow-up action including seeking further information and if the transaction is found to be suspicious, reporting to FIU-IND in accordance with the PML Rules. iii. Beneficiary RE: • Beneficiary RE shall take reasonable measures, including post-event monitoring or real-time monitoring where feasible, to identify cross-border wire transfers and qualifying domestic wire transfers {viz., transactions as per clauses (iii) and (iv) of paragraph 'A' above}, that lack required originator information or required beneficiary informa....
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....king cross-border wire transfer with respect to name screening (such that they do not process cross-border transactions of designated persons and entities) REs are prohibited from conducting transactions with designated persons and entities and accordingly, in addition to compliance with Chapter IX of the Master Direction, REs shall ensure that they do not process cross-border transactions of designated persons and entities. iii. REs' responsibility to fulfil record management requirements Complete originator and beneficiary information relating to wire transfers shall be preserved by the REs involved in the wire transfer, in accordance with paragraph 46 of the Master Direction. 65. Issue and Payment of Demand Drafts, etc., Any remittance of funds by way of demand draft, mail/telegraphic transfer/NEFT/IMPS or any other mode and issue of travelers' cheques for value of rupees fifty thousand and above shall be effected by debit to the customer's account or against cheques and not against cash payment. Further, the name of the purchaser shall be incorporated on the face of the demand draft, pay order, banker's cheque, etc., by the issuing bank. Thes....
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....t-holders who are KYC complaint, provided that all transactions of rupees fifty thousand or more are strictly by debit to the customers' accounts, • for walk-in customers against cash for less than rupees fifty thousand per individual. ii. maintain the following: • records pertaining to issuance of 'at par' cheques covering, inter alia, applicant's name and account number, beneficiary's details and date of issuance of the 'at par' cheque, • sufficient balances/drawing arrangements with the commercial bank extending such facility for purpose of honouring such instruments. iii. ensure that 'At par' cheques issued are crossed 'account payee' irrespective of the amount involved. 69. Issuance of Prepaid Payment Instruments (PPIs): PPI issuers shall ensure that the instructions issued by Department of Payment and Settlement System of Reserve Bank of India through their Master Direction are strictly adhered to. 70. ^162Hiring of Employees and Employee training • Adequate screening mechanism, including Know Your Employee / Staff policy, as an integral part of their personnel recruitment/hiring process shall be p....
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....cation Form (CAF). Further, the system Application of the RE shall put a water-mark in readable form having CAF number, GPS coordinates, authorized official's name, unique employee Code (assigned by REs) and Date (DD:MM:YYYY) and time stamp (HH:MM:SS) on the captured live photograph of the customer. E. The Application of the RE shall have the feature that only live photograph of the customer is captured and no printed or video-graphed photograph of the customer is captured. The background behind the customer while capturing live photograph should be of white colour and no other person shall come into the frame while capturing the live photograph of the customer. F. Similarly, the live photograph of the original OVD or proof of possession of Aadhaar where offline verification cannot be carried out (placed horizontally), shall be captured vertically from above and water-marking in readable form as mentioned above shall be done. No skew or tilt in the mobile device shall be there while capturing the live photograph of the original documents. G. The live photograph of the customer and his original documents shall be captured in proper light so that they are clearly readable an....
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....mer matches with the photo available in the document.; and (iii) all of the necessary details in CAF including mandatory field are filled properly.; M. On Successful verification, the CAF shall be digitally signed by authorized officer of the RE who will take a print of CAF, get signatures/thumb-impression of customer at appropriate place, then scan and upload the same in system. Original hard copy may be returned to the customer. Banks may use the services of Business Correspondent (BC) for this process. Annex II File No. 14014/01/2019/CFT Government of India Ministry of Home Affairs CTCR Division North Block, New Delhi. Dated: the 2nd February, 2021 (Amended vide corrigendum dated March 15, 2023) (Amended vide corrigendum dated August 29, 2023) (Amended vide corrigendum dated April 22, 2024) ORDER Subject: - Procedure for implementation of Section 51A of the Unlawful Activities (Prevention) Act, 1967. Section 51A of the Unlawful Activities (Prevention) Act, 1967 (UAPA) reads as under:- "51A. For the prevention of, and for coping with terrorist activities, the Central Government shall have power to - • freeze, seiz....
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....dal Officers. 3.6 The Financial Regulators shall forward the consolidated list of UAPA Nodal Officers to the banks, stock exchanges/depositories, intermediaries regulated by SEBI and insurance companies. 3.7 The Regulators of the real estate agents, dealers in precious metals & stones (DPMS) and DNFBPs shall forward the consolidated list of UAPA Nodal Officers to the real estate agents, dealers in precious metals & stones (DPMS) and DNFBPs. 4. Communication of the list of designated individuals/entities: 4.1 The Ministry of External Affairs shall update the list of individuals and entities subject to the UN sanction measures whenever changes are made in the lists by the UNSC 1267 Committee pertaining to Al Qaida and Da'esh and the UNSC 1988 Committee pertaining to Taliban. On such revisions, the Ministry of External Affairs would electronically forward the changes without delay to the designated Nodal Officers in the Ministry of Corporate Affairs, CBIC, Financial Regulators, FIU-IND, CTCR Division and Foreigners Division in MHA. 4.2 The Financial Regulators shall forward the list of designated persons as mentioned in Para 4(i) above, without delay to the banks, stock....
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....State/UT where the account is held and to Regulators and FIU-IND, as the case may be, without delay. (iv) 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 shall prevent such designated persons from conducting financial transactions, under intimation to the Central [designated] Nodal Officer for the UAPA at Fax No.011-23092551 and also convey over telephone No.011-23092548. The particulars apart from being sent by post should necessarily be conveyed on e-mail id: [email protected], without delay. (v) 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 under Paragraph 5.1(ii) above, carried through or attempted as per the prescribed format. 5.2 On receipt of the particulars, as referred to in Paragraph 5 (i) above, the Central [designated] Nodal Officer for the UAPA would cause a verification to be conducted by the State Police and/or the Centr....
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....ncial assets or economic resources of the nature of immovable property and if any match with the designated individuals/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 Central [designated] Nodal Officer for the UAPA without delay at Fax No. 011-23092551 and also convey over telephone No. 011-23092548. The particulars apart from being sent by post would necessarily be conveyed on email id: [email protected]. 6.3 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 shall be completed without delay and shall be conveyed within 24 hours of the verification, if it matches with the particulars of the designated individual/entity to the Central [designated] Nodal Officer for the UAPA at the given Fax, telephone numbers and also on the email id. 6.4 The ....
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.... as in para 6.2 to 6.6 above. Further, if the dealers hold any assets or funds of the designated individual/entity, either directly or indirectly, they shall freeze the same without delay and inform the UAPA Nodal officer of the State/UT. (ii) The CBIC shall advise the dealers of precious metals/stones (DPMS) that if any designated individual/entity approaches them for sale/purchase of precious metals/stones or attempts to undertake such transactions the dealer should not carry out such transaction and without delay inform the CBIC, who in turn follow the similar procedure as laid down in the paragraphs 6.2 to 6.5 above. (iii) The UAPA Nodal Officer of the State/UT shall advise the Registrar of Societies/ Firms/ non-profit organizations that if any designated individual/ entity is a shareholder/ member/ partner/ director/ settler/ trustee/ beneficiary/beneficial owner of any society/partnership firm/ trust/ non-profit organization, then the Registrar should inform the UAPA Nodal Officer of the State/UT without delay, who will, in turn, follow the procedure as laid down in the paragraphs 6.2 to 6.5 above. The Registrar should also be advised that no societies/ firm....
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....ficiary of a trust or a beneficial owner of a juridical person, then the member of the institute should not incorporate/ form/ register such juridical person and should convey the complete details of such designated individual/ entity to UAPA Nodal Officer in the Ministry of Corporate Affairs who shall in turn follow the similar procedure as laid down in paragraph 6.2 to 6.5 above. (vii) In addition, the member of the ICSI be sensitized that if he/she is Company Secretary or is holding any managerial position where any of designated individual/ entity is a Director and/or Shareholder or having beneficial ownership of any such juridical person then the member should convey the complete details of such designated individual/ entity to UAPA Nodal Officer in the Ministry of Corporate Affairs who shall in turn follow the similar procedure as laid down in paragraph 6.2 to 6.5 above. (viii) The Registrar of Companies (ROC) may be advised that in case any designated individual/ entity is a shareholder/ director/ whole time director in any company registered with ROC or beneficial owner of such company, then the ROC should convey the complete details of such designated ind....
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....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 Central [designated] Nodal Officer for the UAPA for freezing of funds or other assets. 8.3 The Central [designated] Nodal Officer for the UAPA shall cause the request to be examined without delay, 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. 9. Upon receipt of the requests by these Nodal Officers from the Central [designated] Nodal Officer for the UAPA, the similar procedure as enumerated at paragraphs 5 and 6 above shall be followed. The freezing orders shall be issued without prior notice to the designated perso....
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....of Para 10.1 above. 11. Regarding procedure for unfreezing of funds, financial assets or economic resources or related services of individuals/entities inadvertently affected by the freezing mechanism upon verification that the person or entity is not a designated person: 11.1 Any individual or entity, if it has evidence to prove that the freezing of funds, financial assets or economic resources or related services, owned/held by them has been inadvertently frozen, they shall move an application giving the requisite evidence, in writing, to the concerned bank, stock exchanges/ depositories, intermediaries regulated by SEBI, insurance companies, Registrar of Immovable Properties, ROC, Regulators of DNFBPs and the UAPA Nodal Officers of State/UT. 11.2 The banks, stock exchanges/depositories, intermediaries regulated by SEBI, insurance companies, Registrar of Immovable Properties, ROC, Regulators of DNFBPs and the State/ UT Nodal Officers shall inform and forward 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 inadverte....
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....t through India of the designated individuals, the UAPA Nodal Officer in 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. 12.2 The immigration authorities shall ensure strict compliance of the order and also communicate the details of entry or transit through India of the designated individuals as prevented by them to the UAPA Nodal Officer in Foreigners Division of MHA. 13. Procedure for communication of compliance of action taken under Section 51A: The Central [designated] Nodal Officer for the UAPA and the Nodal Officer in the Foreigners Division, MHA shall furnish the details of funds, financial assets or economic resources or related services of designated individuals/entities frozen by an order, and details of the individuals whose entry into India or transit through India was prevented, respectively, to the Ministry of External Affairs for onward communication to the United Nations. 14. Communication of the Order issued under Section 51A of....
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....Prohibition of Unlawful Activities) Act, 2005". Section 12A of The Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005 [hereinafter referred to as 'the Act'] reads as under: - "12A. (1) No person shall finance any activity which is prohibited under this Act, or under the United Nations (Security Council) Act, 1947 or any other relevant Act for the time being in force, or by an order issued under any such Act, in relation to weapons of mass destruction and their delivery systems. (2) For prevention of financing by any person of any activity which is prohibited under this Act, or under the United Nations (Security Council) Act, 1947 or any other relevant Act for the time being in force, or by an order issued under any such Act, in relation to weapons of mass destruction and their delivery systems, the Central Government shall have power to- a) freeze, seize or attach funds or other financial assets or economic resources- • owned or controlled, wholly or jointly, directly or indirectly, by such person; or • held by or on behalf of, or at the direction of, such person; or â....
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....tion 12A of the Act. 1.4 The CNO shall maintain an updated list of all Nodal Officers, and share the updated list with all Nodal Officers periodically. The CNO shall forward the updated list of all Nodal Officers to all REs. 2. Communication of the lists of designated individuals/entities: 2.1 The Ministry of External Affairs will electronically communicate, without delay, the changes made in the list of designated individuals and entities (hereinafter referred to as 'designated list') in line with section 12A (1) to the CNO and Nodal officers. 2.1.1 Further, the CNO shall maintain the Designated list on the portal of FIU-India. The list would be updated by the CNO, as and when it is updated, as per para 2.1 above, without delay. It shall make available for all Nodal officers, the State Nodal Officers, and to the Registrars performing the work of registration of immovable properties, either directly or through State Nodal Officers, without delay. 2.1.2 The Ministry of External Affairs may also share other information relating to prohibition / prevention of financing of prohibited activity under Section 12A (after its initial assessment of the relevant factors in the ....
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....the particulars, as referred to in Paragraph 3.1 above, the CNO 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 REs are the ones in designated list and the funds, financial assets or economic resources or related services, reported by REs are in respect of the designated individuals/entities. This verification would be completed expeditiously from the date of receipt of such particulars. 3.3 In case, the results of the verification indicate that the assets are owned by, or are held for the benefit of, the designated individuals/entities, an order to freeze these assets under Section 12A would be issued by the CNO without delay and be conveyed electronically to the concerned RE under intimation to respective Regulators. The CNO shall also forward a copy thereof to all the Principal Secretaries/Secretaries, Home Department of the States/UTs and All Nodal officers in the country, so that any individual or entity may be prohibited from making any funds, financial assets or economic resources or related services available for the benefit of the designated individuals / entities.....
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.... verification conducted by the Central Agencies. This verification would be completed expeditiously. 4.5 In case, the results of the verification indicate that the assets are owned by, or are held for the benefit of, the designated individuals/entities, an order to freeze these assets under Section 12A would be issued by the CNO without delay and be conveyed electronically to the concerned Registrar performing the work of registering immovable properties, and to FIU under intimation to the concerned State Nodal Officer. The CNO shall also forward a copy thereof to all the Principal Secretaries/Secretaries, Home Department of the States/UTs and All Nodal officers in the country, so that any individual or entity may be prohibited from making any funds, financial assets or economic resources or related services available for the benefit of the designated individuals / entities. The CNO shall also forward a copy of the order to all Directors General of Police/ Commissioners of Police of all States/UTs for initiating suitable action. 4.6 The order shall be issued without prior notice to the designated individual/entity. 5. Regarding the real-estate agents, dealers of precious m....
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....dividual/ entity visits or participates in any game in the Casino or if any assets of such designated individual/ entity are with the Casino operator, or if the particulars of any client match with the particulars of designated individuals/ entities, the Casino owner shall inform the State Nodal Officer, without delay, and shall freeze any such transaction. (iv) The Ministry of Corporate Affairs shall issue an appropriate order to the Institute of Chartered Accountants of India, Institute of Cost and Works Accountants of India and Institute of Company Secretaries of India (ICSI), requesting them to sensitize their respective members to the provisions of Section 12A, so that, if any designated individual/entity approaches them, for entering/ investing in the financial sector and/or immovable property, or they are holding or managing any assets/ resources of designated individual/ entities, then the member shall convey the complete details of such designated individual/ entity to Section 12A Nodal Officer in the Ministry of Corporate Affairs, who shall in turn follow the similar procedure as laid down for State Nodal Officer in paragraph 4.2 to 4.6 above. (v) The members of the....
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....s received, the ROC should inform the Section 12A Nodal Officer in the Ministry of Corporate Affairs. (viii) All communications to Nodal officer as enunciated in subclauses (i) to (vii) above should, inter alia, include the details of funds and assets held and the details of transaction. (ix) The Other DNBPs are required to ensure that if any designated individual/entity approaches them for a transaction or relationship or attempts to undertake such transactions, the dealer should not carry out such transaction and, without delay, inform the Section 12A Central Nodal officer. The communication to the Central Nodal Officer would include the details of funds and assets held and the details of the transaction. Also, If the dealers hold any assets or funds of the designated individual/entity, they shall freeze the same without delay and inform the Section 12A Central Nodal officer. (DNFBPs shall have the same meaning as the definition in Section 2(1) (sa) of Prevention of Money-Laundering Act, 2002.) 5.1. All Natural and legal persons holding any funds or other assets of designated persons and entities, shall, without delay and without prior notice, freeze any transaction i....
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....unds and other financial assets or economic resources that have been determined by the CNO to be: - (a) necessary for basic expenses, including payments for foodstuff, rent or mortgage, medicines and medical treatment, taxes, insurance premiums and public utility charges, or exclusively for payment of reasonable professional fees and reimbursement of incurred expenses associated with the provision of legal services or fees or service charges for routine holding or maintenance of frozen funds or other financial assets or economic resources, consequent to notification by the MEA authorizing access to such funds, assets or resources. This shall be consequent to notification by the MEA to the UNSC or its Committee, of the intention to authorize access to such funds, assets or resources, and in the absence of a negative decision by the UNSC or its Committee within 5 working days of such notification. (b) necessary for extraordinary expenses, provided that such determination has been notified by the MEA to the UNSC or its Committee, and has been approved by the UNSC or its Committee; 6.2. The accounts of the designated individuals/ entities may be allowed to....
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....st, within two working days. Also, listed persons and entities may petition a request for delisting at the Focal Point Mechanism established under UNSC Resolution. 7.3 The CNO shall cause such verification, as may be required on the basis of the evidence furnished by the individual/entity, and, if satisfied, it shall pass an order, without delay, unfreezing the funds, financial assets or economic resources or related services, owned/held by such applicant, under intimation to all RE/Registrar of Immovable Properties/ROC/Regulators and the State Nodal Officer. However, if it is not possible, for any reason, to pass an Order unfreezing the assets within 5 working days, the CNO shall inform the applicant expeditiously. 7.4 The CNO shall, based on de-listing of individual and entity under UN Security Council Resolutions, shall pass an order, if not required to be designated in any other order, without delay, unfreezing the funds, financial assets or economic resources or related services, owned/held by such applicant, under intimation to all RE/Registrar of Immovable Properties/ROC/Regulators and the State Nodal Officer. 8. Procedure for communication of compliance of action t....
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.... Category III Entity Level Constitutive Documents (Memorandum and Articles of Association, Certificate of Incorporation etc.) Mandatory Mandatory Mandatory Proof of Address Mandatory (Power of Attorney {PoA} mentioning the address is acceptable as address proof) Mandatory (Power of Attorney mentioning the address is acceptable as address proof) Mandatory other than Power of Attorney PAN^165 Mandatory Mandatory Mandatory Financial Data Exempted * Exempted * Mandatory SEBI Registration Certificate Mandatory Mandatory Mandatory Board Resolution @@ Exempted * Mandatory Mandatory Senior Management (Whole Time Directors/ Partners/ Trustees/ etc.) List Mandatory Mandatory Mandatory Proof of Identity Exempted * Exempted * Entity declares* on letter head full name, nationality, date of birth or submits photo identity proof Proof of Address Exempted * Exempted * Declaration on Letter Head * Photographs Exempted Exempted Exempted * Authorized Signatories List and Signatures Mandatory - list of Global Custodian signatories can be given in case of PoA to G....
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....ptember 1, 1993 5 DBOD.GC.BC.193/17.04.001/93 November 18, 1993 6 DBOD.GC.BC.202/17.04.001/93 December 6, 1993 7 DBOD.No.GC.BC.46/17.04.001 April 22, 1994 8 DBOD.BP.BC.106/21.01.001/94 September 23,1994 9 DBOD.BP.BC.102/21.01.001/95 September 20, 1995 10 DBOD.BP.BC.42/21.01.001/96 April 6, 1996 11 DBOD.No.BP.BC.12/21.01.023/98 February 11, 1998 12 DBOD.BP.52/21.01.001/2001-02 December 5, 2001 13 DBOD.AML.BC.89/14.01.001/2001-02 April 15, 2002 14 DBOD.AML.BC.No.102/14.01.001/2001-02 May 10, 2002 15 DBOD.AML.BC.18/14.01.001/2002-03 August 16, 2002 16 DBOD.NO.AML.BC.58/14.01.001/2004-05 November 29, 2004 17 DBOD.NO.AML.BC.28 /14.01.001/2005-06 August 23, 2005 18 DBOD.NO.AML.BC.63/14.01.001/2005-06 February 15, 2006 19 DBOD.AML.BC. No.77/14.01.001 /2006-07 April 13, 2007 20 DBOD.AML.BC.No. 63/14.01.001/2007-08 February 18, 2008 21 DBOD.AML.BC.No. 85/14.01.001/2007 -08 May 22, 2008 22 DBOD.AML.BC.No.12/14.01.001/2008-09 July 1, 2008 23 DBOD.AML.BC.No.2/14.01.001/2009-10 July 1, 2009 24 DBOD.AML.BC.No.43/14.01.001....
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....01.001/2013-14 April 3, 2014 62 DBOD.AML.BC. No. 119/14.01.001/2013-14 June 9, 2014 63 DBOD. AML.BC. No.124/14.01.001/2013-14 June 26, 2014 64 DBOD.AML.BC.No.26/14.01.001/2014-15 July 17, 2014 65 DBOD.AML.BC.No. 39/14.01.001/2014-15 September 4, 2014 66 DBOD. AML. BC. No.44/14.01.001/2014-15 October 21, 2014 67 DBR.AML.BC.No.77/14.01.001/2014-15 March 13, 2015 68 DBR.AML. BC. No.104/ 14.01.001/ 2014-15 June 11, 2015 69 DBR.AML.BC.No.36/14.01.001/2015-16 August 28, 2015 70 DBR. AML.BC. No.46/14.01.001/2015-16 October 29, 2015 71 DBR.AML.BC.No.60/14.01.001/2015-16 November 26, 2015 72 DBOD.NO.BC.23/21.01.001/92 September 9, 1992 73 DBOD.BP.BC No.56/21.01.001/2005-06 January 23, 2006 74 DBOD.BP.BC.No.50/21.01.001/2011-12 November 4, 2011 75 DBOD.BP.BC.No.87/21.01.001//2013-14 January 22, 2014 76 DBOD.No.BP.BC.110/21.02.051/98 November 18, 1998 77 UBD.BPD.(PCB)Cir.No.69/14.01.062/2013-14 June 10, 2014 78 UBD.BPD.PCB).Cir.No.9/14.01.062/2013-14 May 26, 2014 79 UBD.BPD.(PCB).Cir.No.54/14.01.062/2013-14 April 7, 2014 80 ....
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.... UBD.BPD.CO.53/14.01.062/ 2009-2010 April 1, 2010 116 UBD. BPD. (PCB).Cir. No.41/12.05.001/2009-10 February 3, 2010 117 UBD.BPD.CO.NSB1/38/1203.000/2009-10 December 23, 2009 118 UBD.(PCB).CO.BPD.Cir.No.36/14.01.062/2009-10 December 18, 2009 119 UBD.(PCB).CO.BPD.Cir.No.35/14.01.062/2009-10 December 17, 2009 120 UBD.(PCB).CO.BPD.Cir.No.33/14.01.062/2009-10 December 17, 2009 121 UBD.CO.BPD.PCB.Cir.No.23/12.05.001/2009-10 November 16, 2009 122 UBD.CO.BPD.PCB.Cir.No.21/12.05.001/2009-10 November 16, 2009 123 UBD.BPD.CO./NSB1/11/12.03.000/2009-10 September 29, 2009 124 UBD.CO.BPD.PCB.Cir.No.9/12.05.001/2009-10 September 16, 2009 125 UBD.CO.BPD(PCB).No.1/12.05.001/2008-09 July 2, 2008 126 UBD.CO.BPD.(PCB).No.32/09.39.000/2007-08 February 25, 2008 127 UBD.CO.BPD.(PCB).No.45/12.05.001/2006-07 May 25, 2007 128 UBD.BPD.Cir.No.38./09.16.100/2005-06 March 21, 2006 129 UBD.BPD.PCB.Cir.11/09.161.00/2005-06 August 23, 2005 130 UBD.PCB.Cir.No.6/09.161.00/2005-06 August 03, 2005 131 UBD.PCB.Cir. 30/09.161.00/2004-05 December 15, 2004 132 UBD.BPD.PC....
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....C.No.50/07.40.00/2010-11 February 2, 2011 166 RPCD.CO.RRB.AML.BC.No.46/03.05.33(E)/2010-11 January 12, 2011 167 RPCD.CO.RCB.AML.BC.No.39/07.40.00/2010-11 December 27, 2010 168 RPCD.CO.RRB.AML.BC.No.40/03.05.33(E)/2010-11 December 24, 2010 169 RPCD.CO.RCB.AML.BC.No.37/07.40.00/2010-11 December 10, 2010 170 RPCD.CO.RRB.AML.BC.No.31/03.05.33(E)/2010-11 December 6, 2010 171 RPCD.CO.RF.AML.BC.No.20/07.40.00/2010-11 September 13, 2010 172 RPCD.CO.RRB.AML.BC.No.19/03.05.33(E)/2010-11 September 9, 2010 173 RPCD.CO.RF.AML.BC.No.12/4007.40.00/2010-11 July 20, 2010 174 RPCD.CO.RRB.AML.BC.No.13/03.05.33(E)/2010-11 July 22, 2010 175 RPCD.CO.RF.AML.BC.No.11/07.40.00/2010-11 July 20, 2010 176 RPCD.CO.RF.AML.BC.No.89/07.40.00/2009-10 June 25, 2010 177 RPCD.CORRB.AML.BC.No.87/03.05.33(E)/2009-10 June 23, 2010 178 RPCD.CO.RF.AML.BC.No.88/07.40.00/2009-10 June 25, 2010 179 RPCD.CO.RRB.AML.BC.No.86/03.05.33(E)/2009-10 June 21, 2010 180 RPCD.CO.RF.AML.BC.No.84/07.40.00/2009-10 May 14, 2010 181 RPCD.CO.RF.AML.BC.No.83/07.40.00/2009-10 May 12, 2010 182 R....
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.... May 4, 2011 216 DNBS.(PD)CC No215/03.10.42/2010-11 April 5, 2011 217 DNBS (PD).CC. No 242/03.10.42/2011-12 September 15, 2011 218 DNBS (PD).CC. No 244/03.10.42/2011-12 September 22, 2011 219 DNBS (PD).CC. No 251/03.10.42/2011-12 December 26, 2011 220 DNBS (PD).CC. No 257/03.10.42/2011-12 March 14, 2012 221 DNBS (PD).CC. No 264/03.10.42/2011-12 March 21, 2012 222 DNBS(PD).CC. No.270/03.10.42/2011-12 April 4, 2012 223 DNBS (PD).CC. No 275/03.10.42/2011-12 May 29, 2012 224 DNBS (PD).CC. No 294/03.10.42/2012-13 July 5, 2012 225 DNBS (PD).CC. No 295/03.10.42/2012-13 July 11, 2012 226 DNBS (PD).CC. No 296/03.10.42/2012-13 July 11, 2012 227 DNBS (PD).CC. No 298/03.10.42/2012-13 July 26, 2012 228 DNBS (PD).CC. No 302/03.10.42/2012-13 September 7, 2012 229 DNBS (PD).CC. No 304/03.10.42/2012-13 September 17, 2012 230 DNBS (PD).CC. No 305/03.10.42/2012-13 October 3, 2012 231 DNBS (PD).CC. No 306/03.10.42/2012-13 October 3, 2012 232 DNBS (PD).CC. No 310/03.10.42/2012-13 November 22, 2012 233 DNBS (PD).CC. No 313/03.10.42/2012-13 Dece....
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....vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 8. Amended vide circular DOR.AML.REC.44/14.01.001/2023-24 dated October 17, 2023. 9. Amended vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 10. Amended vide circular DOR.AML.BC.No.27/14.01.001/2019-20 dated January 9, 2020. 11. Inserted vide circular DOR.AML.BC.No.27/14.01.001/2019-20 dated January 9, 2020. 12. Inserted vide circular DOR.AML.BC.No.27/14.01.001/2019-20 dated January 9, 2020. 13. Inserted vide circular DOR.AML.BC.No.27/14.01.001/2019-20 dated January 9, 2020. 14. Inserted vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 15. Inserted vide circular DOR.AML.BC.No.27/14.01.001/2019-20 dated January 9, 2020. 16. Inserted vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 17. Inserted vide circular DBR.AML.BC.No.39/14.01.001/2018-19 dated May 29, 2019. 18. Amended vide circular DOR.AML.BC.No.27/14.01.001/2019-20 dated January 9, 2020. 19. Amended vide DBR.AML.BC.No.39/14.01.001/2018-19 dated May 29, 2019. 20. Deleted vide circular DOR.AML.REC.66/14.01.001/2023-24 da....
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....1/2023-24 dated April 28, 2023. 48. Amended vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 49. Inserted vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 50. Amended vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 51. Amended vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 52. Amended vide circular DOR.AML.REC.46/14.01.001/2025-26 dated August 14, 2025. 53. Amended vide circular DOR.AML.REC.44/14.01.001/2023-24 dated October 17, 2023. 54. Deleted vide circular DBR.AML.BC.No. 39/14.01.001/2018-19 dated May 29, 2019. 55. Amended vide circular DOR.AML.BC.No. 27/14.01.001/2019-20 dated January 9, 2020. 56. Inserted vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 57. Inserted vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 58. Amended vide circular DOR.AML.REC.46/14.01.001/2025-26 dated August 14, 2025. 59. Inserted vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 60. Amended vide circular DOR.AML.REC.No.15/14.01.001/2021-22 dated May 10, 2021. 61. Amende....
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....igh' risk category, then REs shall obtain one of the six OVDs listed at paragraph 3(a)(vi) of these Directions for proof of identity and proof of address immediately. In the event such a customer fails to submit such an OVD, REs shall initiate action as envisaged in paragraph 39 of these Directions. 73. Amended vide circular DOR.AML.BC.No.27/14.01.001/2019-20 dated January 9, 2020. 74. Inserted vide Gazette Notification G.S.R. 1038(E) regarding PML Third amendment Rules dated August 21, 2017. 75. Inserted vide Gazette Notification G.S.R. 381(E) dated May 28, 2019. 76. Inserted vide circular DOR.AML.BC.No.66/14.01.001/2019-20 dated April 20, 2020. 77. Amended vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 78. Amended vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 79. Amended vide circular DBR.AML.BC.No.39/14.01.001/2018-19 dated May 29, 2019. 80. Amended vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 81. Amended vide circular DOR.AML.REC.44/14.01.001/2023-24 dated October 17, 2023. 82. Deleted vide amendment dated April 20, 2018 and shifted to paragraph 10....
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....29, 2019. 106. Amended vide circular DOR.AML.BC.No.27/14.01.001/2019-20 dated January 9, 2020. 107. Amended vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 108. Amended vide circular DOR.AML.REC.44/14.01.001/2023-24 dated October 17, 2023. 109. Amended vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 110. Amended vide circular DOR.AML.REC.44/14.01.001/2023-24 dated October 17, 2023. 111. Inserted vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 112. Amended vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 113. Amended vide circular DOR.AML.REC. 30/14.01.001/2025-26 dated June 12, 2025. 114. Amended vide circular DOR.AML.REC.44/14.01.001/2023-24 dated October 17, 2023. 115. Inserted vide circular DOR.AML.REC. 49/14.01.001/2024-25 dated November 6, 2024. 116. Amended vide circular DOR.AML.REC. 30/14.01.001/2025-26 dated June 12, 2025. 117. Inserted vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 118. Inserted vide circular DOR.AML.REC.49/14.01.001/2024-25 dated November 6, 2024. 119. Amended vide....