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

Last updated: 28 November 2014

Notice Date : 27 November 2014

RBI/2014-15/322
DNBR (PD).CC. No.004/03.10.42 /2014-15

November 27, 2014

All NBFCs

Dear Sirs,

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

Please refer to DNBS (PD).CC.No. 403/03.10.42/2014-15 dated August 1, 2014 on risks arising from the deficiencies in AML/CFT regime of certain jurisdictions.

2. Financial Action Task Force (FATF) has updated its Statement on the subject and document ‘Improving Global AML/CFT Compliance: on-going process’ on October 24, 2014 (copy enclosed). The statement / document can be accessed from the following URL also:

http://www.fatf-gafi.org/documents/documents/fatf-compliance-oct-2014.html
and
http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/documents/public-statement-oct2014.html

3. All NBFCs are accordingly advised to consider the information contained in the enclosed statement. This, however, does not preclude NBFCs from legitimate trade and business transactions with these countries and jurisdictions.

Yours faithfully,

(Sindhu Pancholy)
Deputy General Manager