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Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT)

RBI/2009-10/377
UBD.BPD. (PCB).Cir. No.53 /14.01.062/2009-10

 April 1, 2010

The Chief Executive Officers of
All AD I Category Urban Co-operative Banks

(As per List enclosed)

Dear Sir / Madam,

Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT)

Please refer to our circular UBD (PCB) CO.BPD.Cir.No.33/14.01.062/2009-10 dated December 17, 2009 on risks arising from the deficiencies in AML / CFT regime of Iran,Uzbekistan, Pakistan, Turkmenistan, Sao Tome and Principe.

2. The Financial Action Task Force (FATF) has issued a further Statement on February 18, 2010 on the subject (copy enclosed). It may be observed that the instant FATF statement divides the strategic AML/CFT deficient jurisdictions into three groups as under:

  1. Jurisdictions subject to FATF call on its members and other jurisdictions to apply countermeasures to protect the international financial system from the ongoing and substantial money laundering and terrorist financing (ML/FT) risks emanating from the jurisdiction: Iran
  2. Jurisdictions with strategic AML/CFT deficiencies that have not committed to an action plan developed with the FATF to address key deficiencies as of February 2010. The FATF calls on its members to consider the risks arising from the deficiencies associated with each jurisdiction: Angola, Democratic People's Republic of Korea (DPRK), Ecuador and Ethiopia.
  3. Jurisdictions previously publicly identified  by the FATF as having strategic AML/ CFT  deficiencies, which remain to be addressed as of February 2010: Pakistan, Turkmenistan and Sao Tome and Principe.

3. UCBs are accordingly advised to take into account risks arising from the deficiencies in AML / CFT regime of these countries. 

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

Yours faithfully

(Monisha Chakraborty)
Deputy General Manager

Encl: As above.


List of AD I category UCBs

1.

Abhyudaya Co-operative Bank Ltd.
K.K. Tower, Abhyudaya Bank Lane,
Off. G.D. Ambekar Marg
Parel Village
MUMBAI 400 012

2.

Bharat Co-operative Bank (Mumbai) Bank Ltd.
Mohan Terrace, 64/72, Modi Street
Fort, MUMBAI 400 001

3.

Bombay Mercantile Co-operative Bank Ltd.
78, Mohammed Ali Road
MUMBAI 400 003

4.

Cosmos Co-operative Bank Ltd.
Cosmos Bank Building
612, New Sadashi Peth
Laxmi Road, Kunte Chowk
PUNE 411 030

5.

Saraswat Co-operative Bank Ltd.
Corporate Office, Mittal Court
`A' Wing, 1st Floor, Nariman Point
MUMBAI 400 021

6.

Shamrao Vithal Co-operative Bank Ltd.
SVC Tower, Jawaharlal Nehru Road, Vakola
Santacruz (East)
MUMBAI  400 055

7.

Kalupur Commercial Co-operative Bank Ltd.
Kalupur Bank Bhavan
Income Tax Circle, Ashram Road
Kalupur, AHMEDABAD 380 014

8.

Surat Peoples Co-operative Bank Ltd.
Vasudhara, P.B.No. 295
Parsi Sheri, Navapura
SURAT  395 003


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