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NBFCs/RNBCs - Anti- Money Laundering/Combating Financing of Terrorism Standards

RBI/2010-11/392
DNBS(PD).CC. No 209/03.10.42 /2010-11

January 28, 2011

All Non Banking Financial Companies/
Residuary Non Banking Companies

Dear Sir,

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

Please refer to Company Circular No 201 dated September 22, 2010 on Anti- Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT) giving details about risk arising from the deficiencies in AML / CFT regime of Iran, Angola, Democratic People's Republic of Korea (DPRK), Ecuador, Ethiopia, Pakistan, Turkmenistan and Sao Tome and Principe.

2. Financial Action Task Force (FATF) has issued a further statement dated October 22, 2010 on the subject (copy enclosed), which divides the strategic AML/CFT deficient jurisdictions into two groups as under:

(i) 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

(ii) 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).

3. All NBFCs (including RNBCs) 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 entities and other financial institutions) from or in these countries/ jurisdictions.

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

Yours faithfully,

(Uma Subramaniam)
Chief General Manager-in-Charge

Encl:as above


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