Non Banking Financial Companies(NBFCs)

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KYC Norms/Anti- Money Laundering Standards/Combating Financing of Terrorism – NBFCs/RNBCs

DNBS(PD).CC. No.216 /03.10.42/2010-11

May 02, 2011

All Non Banking Financial Companies /
Residuary Non Banking Companies

Dear Sir,

Know Your Customer (KYC) Norms/ Anti- Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)

Financial Action Task Force (FATF) as a part of its ongoing review of compliance with the AML / CFT standards, has identified certain jurisdictions which have strategic AML /CFT deficiencies.

2. FATF, has issued a statement dated February 25, 2011 (copy enclosed) calling 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 NBFCs/RNBCs are accordingly advised to consider the information contained in the enclosed statement.

Yours faithfully,

(Uma Subramaniam)
Chief General Manager-in-Charge
Encl: as above