StCBs/DCCBs - KYC Norms / AML Standards / Combating Financing of Terrorism
August 23, 2010
The Chairmen / CEOs of all State / Central Co-operative Banks
Know your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT)
As part of its ongoing review of compliance with the AML/CFT standards, the Financial Action Task Force (FATF) has identified certain jurisdictions which have strategic AML/CFT deficiencies.
2. FATF, vide its statement dated June 25, 2010 (copy enclosed) has called upon jurisdictions listed in the statement to complete the implementation of their action plan within the timeframe. The FATF, in the statement has called upon its members to consider the information given in the statement.
3. All banks and All India Financial Institutions are accordingly advised to consider the information contained in the enclosed statement.
4. Please advise Principal Officer of your bank to acknowledge receipt of this circular letter to our concerned Regional Office.
Chief General Manager
Encl: As above