RBI - Anti-Money Laundering/Combating Financing of Terrorism-Standards

RBI/2011-12/346
DBOD. AML.No. 10461 /14.01.001/2011-12

January 12, 2012

The Chairmen/CEOs of all Scheduled Commercial Banks(Excluding RRBs)/
Local Area Banks / All India Financial Institutions

Dear Sir,

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

Please refer to our letters DBOD. AML.No.1454/14.01.001/ 2010-11 and DBOD. AML.No.1456 /14.01.001/2011-12 dated July 27, 2011 on risks arising from the deficiencies in AML/CFT regime of certain jurisdictions.

2.  Financial Action Task Force (FATF) has updated its Statement on October 28, 2011 on the subject (copy enclosed).

3.   All banks and financial institutions are accordingly advised to consider the information contained in the enclosed statement.

4.  This, however, does not preclude Indian banks or financial institutions from legitimate trade and business transactions with these countries and jurisdictions.

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

Yours faithfully,

(P. R. Ravi Mohan)
Chief General Manager

Encl: As above

Source: RBI