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Anti-Money Laundering Guidelines- Amendments

In view of the difficulties expressed by Money Changers Association in implementing some of the Anti-Money Laundering guidelines for Authorised Money Changers issued in December 2005 and June 2006, Reserve Bank of India has decided to amend the following instructions.

(a) In terms of existing guidelines, the requests for payment in cash by foreign visitors / non-resident Indians may be acceded to the extent of USD 2000 or its equivalent. This limit has been raised to USD 3000.

(b) Presently the relationship with a business entity like a company / firm should be established only after obtaining and verifying suitable documents in support of the name, address and business activity, such as certificate of incorporation under the Companies Act 1956, Memorandum of Association, Articles of Association, registration certificate of a firm (if registered), partnership deed, etc. It has now been decided that in addition to the above mentioned documents, PAN Card may also be accepted as a suitable document for establishing the relationship with the company / firm.

Banknet's International Conference on Payment Systems will assess impact of Anti Money Laundering, Know Your Customer guidelines on the Payments Industry ... Click Here

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