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

RBI/2010-11/374
DPSS. CO. AD. No. 1569/02.27.005/2010-11

January 18, 2011

All the Authorised entities operating payment system in India

Dear Sir

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

We are forwarding herewith a copy of Statement issued on October 22, 2010 by the Financial Action Task Force (FATF) on the subject (enclosed). It may be observed that the statement divides the strategic AML/CFT deficient jurisdictions into two 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 October 2010. The FATF calls on its members to consider the risks arising from the deficiencies associated with each jurisdiction: Democratic People's Republic of Korea (DPRK).

2. All the Authorised entities operating payment system in India are accordingly advised to take into account risks arising from the deficiencies in AML/CFT regime of these countries, while entering into business relationships and transactions with persons (including legal persons and other financial institutions) from or in these countries/ jurisdictions.

3. You are also advised to refer to the circular DBOD. AML.No.1930/14.01.036/2009-10 dated August 2, 2010 on risks arising from the deficiencies in AML/CFT regime of Iran, Democratic People's Republic of Korea (DPRK), and Sao Tome and Principe.  The said circular is available on our website www.rbi.org.in.

4. Nodal Officer/Principal Officer should acknowledge receipt of this circular letter.

Yours faithfully,

(K. C. Anand)
Deputy General Manager
Encl: As above


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