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

RBI/2012-13/470
UBD.BPD (AD) Cir.No. 3/14.01.062/2012-13

April 4, 2013

The Chief Executive Officer of
All AD Category I Primary (Urban) Co-operative Banks

Madam/Dear 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. 1/14.01.062/2012-13 dated August 3, 2012 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 19, 2012 and February 22, 2013 (copies enclosed). The statements/documents can be accessed from the following URL also:

http://www.fatf-gafi.org/media/fatf/documents/FATF%20Public%20Statement%2019%20October%202012.pdf
and
http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/documents/improvingglobalamlcftcomplianceon-goingprocess-19october2012.html

http://www.fatf-gafi.org/documents/documents/fatfpublicstatement22february2013.html
and
http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/documents/improvingglobalamlcftcomplianceon-goingprocess-22february2013.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 these countries and jurisdictions.

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

Yours faithfully,

(P. K. Arora)
General Manager

Encl: As above