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

RBI/2012-13/478
DNBS(PD).CC.No 323/03.10.42/2012-13

April 18, 2013

All Non Banking Financial Companies excluding 
Residuary Non Banking Companies

Dear Sir/Madam,

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

Please refer to DNBS (PD).CC.No.319/03.10.42/ 2012-13 dated December 28, 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 February 22, 2013 on the captioned subject and document ‘Improving Global AML/CFT Compliance: On-Going Process’ (copy enclosed). The statement /document can be accessed from the following URL 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 NBFCs are accordingly advised to consider the information contained in the enclosed statement. This, however, does not preclude NBFCs from legitimate trade and business transactions with these countries and jurisdictions.

Yours faithfully,

(Sindhu Pancholy)
Deputy General Manager

Encl: as above