New KYC
Norms
RBI/2012-13/294
A.P. (DIR Series) Circular No. 51
A.P. (DIR Series) Circular No. 51
November 15, 2012
To
All Authorised Persons in Foreign Exchange
Madam/Sir,
Know Your Customer (KYC)
norms/Anti-Money Laundering (AML) standards / Combating the Financing of
Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money
Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment)
Act, 2009 Money changing activities
Attention of Authorised Persons is
invited to F-Part-II of the Annex to the A.P. (Dir Series) Circular
No. 17 [A.P. (FL/RL Series) Circular No. 04] dated November 27, 2009, as
amended by the A.P.
(Dir Series) Circular No. 60 dated December 22, 2011.
2.Based on several representations
received from Full Fledged Money Changers (FFMCs), regarding difficulties in
obtaining documents other than passport, and taking into account the procedure
followed for money changing in other countries, it has been decided to amend
certain instructions contained in the aforementioned Part. The amended
instructions are given in the Annex.
3. All the other instructions
contained in the A.P. (DIR Series) Circular No. 17 [A.P. (FL/RL Series) Circular
No. 04] dated November 27, 2009, as amended from time to time shall remain
unchanged.
4. Authorised Persons may bring the
contents of this circular to the notice of their constituents concerned.
5. These guidelines are also
applicable mutatis mutandis to all agents/ franchisees of Authorised Persons
and it will be the sole responsibility of the franchisers to ensure that their
agents / franchisees also adhere to these guidelines.
6. Please advise your Principal
Officer to acknowledge receipt of this circular letter.
7. The directions contained in this
Circular have been issued under Section 10(4) and Section 11(1) of the Foreign
Exchange Management Act, 1999 (42 of 1999)and also under the, Prevention of
Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money
Laundering (Amendment) Act, 2009 and Prevention of Money-Laundering
(Maintenance of 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) Rules, 2005 as amended from
time to time and are without prejudice to permission /approvals, if any,
required under any other law.
Yours faithfully,
Rudra Narayan Kar
Chief General Manager
Chief General Manager
[Annex to A.P. (DIR Series) Circular No. dated November ,
2012]
Customer Identification Procedure Features to be verified
and documents that may be obtained from customers
Extant Guidelines
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Revised Guidelines
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Features
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Documents
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Features
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Documents
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Transactions With Individuals
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Transactions With Individuals
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- Legal name and any other names used
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i) Passport (ii) PAN card (iii) Voter's Identity Card (iv)
Driving licence (v) Identity card (subject to the AP's satisfaction) (vi)
Letter from a recognized public authority or public servant verifying the
identity and residence of the customer to the satisfaction of the AP.
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- Legal name and any other names used
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i) Passport (ii) PAN card (iii) Voter's Identity Card (iv)
Driving licence (v) Identity card (subject to the AP's satisfaction) (vi)
Letter from a recognized public authority or public servant verifying the
identity and residence of the customer to the satisfaction of the AP.
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- Correct permanent address
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(i) Telephone bill (ii) Bank account statement (iii)
Letter from any recognized public authority (iv) Electricity bill (v) Ration
card (vi) Letter from employer (subject to satisfaction of the AP).
(any one of the documents, which provides customer
information to the satisfaction of the AP will suffice).
Note: - In case of foreign tourists, copies of passport
containing identification particulars and address, may be accepted as
documentary proof for both identification as well as address. Further, a copy
of the visa of non-residents, duly stamped by Indian Immigration authorities
may also be obtained and kept on record.
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- Correct permanent address
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(i) Telephone bill (ii) Bank account statement (iii)
Letter from any recognized public authority (iv) Electricity bill (v) Ration
card (vi) Letter from employer (subject to satisfaction of the AP).
(any one of the documents, which provides customer
information to the satisfaction of the AP will suffice).
Note: - In case of foreign tourists, copies of passport
containing identification particulars and address, may be accepted as
documentary proof for both identification as well as address. Further, a copy
of the visa of non-residents, duly stamped by Indian Immigration authorities
may also be obtained and kept on record. However, where neither passports
contain any address nor foreign tourists are able to produce any address
proof, APs may obtain and keep on record, a copy of passport and visa duly
stamped by the Indian Immigration authorities and a declaration duly signed
from foreign tourists regarding the permanent address.
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