ANTI-MONEY LAUNDERING (AML)/COMBATING OF FINANCING OF TERRORISM (CFT) – STANDARDS

CIRCULAR DBR.AML.NO.7312/14.01.001/2015-16, DATED 3-12-2015

Please refer to our letter DBR. AML. No. 1637/14.01.001/2015-16 dated July 30, 2015 on risks arising from the deficiencies in AML/CFT regime of certain jurisdictions.

2. Financial Action Task Force (FATF) has updated its Public Statement and document ‘Improving Global AML/CFT Compliance: on-going process’ on October 23, 2015 (copies enclosed). The statement and document can be accessed from the following URL also: http://www.fatf-gafi.org/publications/high-riskandnon- cooperativejurisdictions/documents/public-statement-october-2015.html

and

http://www.fatf-gafi.org/publications/high-riskandnon-cooperativejurisdictions/documents/fatf-compliance-october-2015.html

3. All Regulated Entities (REs) are advised to take note of the FATF Public Statement and FATF document and be guided accordingly.

4. This, however, does not preclude REs from legitimate trade and business transactions with the countries and jurisdictions mentioned in the statement.