Money laundering
This query is : Resolved
anjali tripathi
(Querist)
21 February 2013
Are Jewwellers(Gold/Silver jewellary) required to follow KYC norms under money laundering act or under some where else.
Vishaljeet Singh
(Expert)
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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