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AML provisions for Remittances Domestic/International

AML provisions for Remittances Domestic/International. Objective. A ntimoney laundeing is applicable to domestic and international money remittance also Know Your Customers (KYC) Customer Due Diligence (CDD). Risk categories :. Low Risk (a) : Norms. Low Risk (b) : Norms.

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AML provisions for Remittances Domestic/International

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  1. AML provisions for RemittancesDomestic/International

  2. Objective Antimoneylaundeing is applicable to domestic and international money remittance also • Know Your Customers (KYC) • Customer Due Diligence (CDD)

  3. Risk categories :

  4. Low Risk (a) : Norms

  5. Low Risk (b) : Norms

  6. Medium Risk : Norms

  7. High Risk : Norms- Four risk categories :

  8. Record keeping

  9. Reporting of transactions

  10. Penalty • In case of non-implementation of AML/CFT norms, a penalty from Rs.10,000 to Rs. 1,00,000 can be imposed under PML Act and rules in addition to disciplinary action.

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