Money laundering
This query is : Resolved
21 February 2013
Are Jewwellers(Gold/Silver jewellary) required to follow KYC norms under money laundering act or under some where else.
21 February 2013
As per the circular no.DBOD. AML. BC. No. 11/14.01.001/2012-13, jewwelers are required to follow kyc norms.In view of the risks involved in cash intensive businesses, accounts of bullion dealers (including sub-dealers) & jewelers should also be categorized by banks as 'high risk' requiring enhanced due diligence.
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