Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) - Standards

RBI/2012-13/434
DBOD. AML.No. 12913/14.01.001/2012-13

March 11, 2013

The Chairmen/CEOs of all Scheduled Commercial Banks(Excluding RRBs)/ Local Area Banks / All India Financial Institutions

Dear Sir,

Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) - Standards

Please refer to our letter DBOD. AML.No.8422/14.01.001/ 2012-13 dated December 12, 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 February 22, 2013 (copy enclosed). The statement / document can be accessed from the following URLs also:
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. All banks and financial institutions are accordingly advised to consider the information contained in the enclosed statement. This, however, does not preclude Indian banks or financial institutions from legitimate trade and business transactions with these countries and jurisdictions.

4. Please advise your Principal Officer to acknowledge receipt of this circular letter.

Yours faithfully,

(Prakash Chandra Sahoo)
Chief General Manager

Encl: As above