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

RBI/2012-13/368
DPSS. CO. AD. No. 1120/02.27.005/2012-13

January 8, 2013

Chief Executive Officers of
All the Payment System Operators Authorised under the PSS Act, 2007

Dear Sir

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

Please refer to our circular DPSS.CO.AD.No.426 /02.27.005/2012-13 dated September 6, 2012 on risk 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 processes’ on October 19, 2012 (copy enclosed). The statement / document can be accessed from the following URL also:

http://www.fatf-gafi.org/media/fatf/documents/FATF%20Public%20Statement%2019%20October%202012.pdf and
http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/documents/improvingglobalamlcftcomplianceon-goingprocess-19october2012.html

3. All the Payment System Operators authorised under the Payment and Settlement Systems Act, 2007 are accordingly advised to consider the information contained in the enclosed Statement.

4. This, however, does not preclude Payment System Operators from legitimate trade and business transactions with these countries and jurisdictions.

5. Nodal Officer/Principal Officer may please acknowledge receipt of this circular.

Yours faithfully

(Nilima Ramteke)
General Manager

Encl: As above

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