Anti-Money Laundering (AML) / Combating of Financing of Terrorism (CFT) - Standards - Primary (Urban) Co-operative Banks

RBI/2014-15/302
DCBR.CO.BPD .(AD). Cir No 1/14.01.062/2014-15

November 13, 2014

The Chief Executive Officer
All Primary (Urban) Co-operative Banks

Dear Madam / Sir,

Anti-Money Laundering (AML) / Combating of Financing of Terrorism (CFT) -
Standards - Primary (Urban) Co-operative Banks

Please refer to our circular UBD.BPD.(AD).Cir.No.1/14.01.062/2014-15 July 31, 2014 on risks arising from the deficiencies in AML / CFT regime of certain jurisdictions.

2. Financial Action Task Force (FATF) has updated its Statement on the subject and document 'Improving Global AML / CFT Compliance: on-going process' on October 24, 2014 (copy enclosed). The statement / document can be accessed from the following URL also

http://www.fatf-gafi.org/documents/documents/fatf-compliance-oct-2014.html
and
http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/documents/public-statement-oct2014.html

3. Primary (Urban) Co-operative Banks (UCBs) are accordingly advised to consider the information contained in the enclosed statement. This, however, does not preclude UCBs from legitimate trade and business transactions with countries and jurisdictions mentioned in the statement.

4. The Principal Officer should acknowledge receipt of this circular to our Regional Office concerned.

Yours faithfully

(Suma Varma)
Chief General Manager