Anti-Money Laundering(AML)/Combating Financing Terrorism(CFT) - India in the Global Context

  Casino : Meaning a building or large room used for meetings, entertainment, dancing, etc., especially such a place equipped with gambling devices, gambling tables, etc. (in Italy) a small country house or lodge.     Also  cassino .  Cards.  a game in which cards that are face up on the table are taken with eligible cards in the hand. Many casinos are near — or inside — hotels, and include opportunities to dine, drink, and shop. The main event at a casino, however, is the chance to gamble either by betting money on games like blackjack or poker, or by putting coins in a slot machine.  Casino  is also the name of a card game. The word comes from the Italian  casa , or "house." In the 1800s  casino  came to mean "building for aristocratic gambling."   The casino , originally, a public hall for music and dancing; by the second half of the 19th century, a collection of gaming or  gambling  rooms. FATF on Casinos The ...

  PMLA 2002 and Card Operators According to Sec 2(rb) of PMLA 2002, payment system means a system that enables payment to be effected between a payer and a beneficiary, involving clearing, payment or settlement service or all of them.[2009] Explanation. For the purposes of this clause, payment system includes the systems enabling credit card operations, debit card operations, smart card operations, money transfer operations or similar operations. RBI, India Guidelines  The RBI, India's Master Direction   RBI/2015-16/42 DBR.AML.BC.No.15/14.01.001/2015-16 July 1, 2015  Customer Identification Procedure (CIP) is required while selling banks’ own products, payment of dues of credit cards/sale and reloading of prepaid/travel cards and any other product for more than Rs. 50,000/-. Introduction of New Technologies – Credit Cards/Debit Cards/ Smart Cards/Gift Cards Banks should pay special attention to any money laundering threats that may arise from new or developing ...

  Policy framework on Anti Money Laundering (AML) and Combating Financing of Terrorism (CFT) for Mutual Funds in India and details the processes that are recommended by Association of Mutual Funds in India (AMFI) to be followed by Asset Management Companies (AMC’s) as a minimum standard in meeting the various obligations of the AMCs on AML / CFT as stipulated under the Prevention of Money Laundering Act, 2002 and the Prevention of Money Laundering Rules, 2005, as amended from time to time, Master Circular dated December 31, 2010 issued by Securities & Exchange Board of India (SEBI) and relevant circulars issued by SEBI up to date. The Prevention of Money Laundering Act, 2002 (“the Act”) was brought into force from July 1, 2005 and subsequently amended vide Prevention of Money Laundering (Amendment) Act, 2009 effective March 6, 2009 which was further amended vide Prevention of Money Laundering (Amendment) Act, 2012 effective Feb 15, 2013. It is applicable to:  1. Banking co...

  As per the provisions of the PMLA 2002, all designated Non-Financial Businesses and Professions (DNFBPs), which include dealers in precious metals and precious stones (DNMS) who are the Reporting Entities (REs), shall have to adhere to client account opening procedures and maintain records of such transactions as prescribed by the PMLA and the rules notified there under. The Unlawful Activities (Prevention) Act, 1967 (as amended) requires all dealers in precious metals and precious stones (DPMS), irrespective of whether they are reporting entities under PMLA or not, to prohibit any individual or entity from making any funds, financial assets or economic resources or related services available for the benefit of the individuals or entities listed in the Schedule to the Prevention and Suppression of Terrorism (implementation of Security Council Resolutions) Order, 2007 or any other person engaged or suspected to be engaged in terrorism and thus prohibits them from entering into a...