What changed
FATF issued a statement on June 25, 2010 calling upon listed jurisdictions to complete action plan implementation. RBI now advises all banks and All India Financial Institutions to consider the information in that statement.
What it means for you
Cooperative banks should integrate FATF's updated information into their KYC/AML frameworks. The Principal Officer's acknowledgment is required to confirm receipt.
What you must do
- Review the enclosed FATF statement (June 25, 2010) for listed jurisdictions.
- Consider the information in your bank's KYC/AML processes.
- Ensure Principal Officer acknowledges receipt of this circular to RBI's Regional Office.
Who it affects
State Cooperative Banks (StCBs), Central Cooperative Banks (DCCBs), All India Financial Institutions, Principal Officers of cooperative banks
What is the FATF statement about?
FATF identified certain jurisdictions with strategic AML/CFT deficiencies and called upon them to complete implementation of their action plan within a timeframe.
Do we need to report back to RBI?
Yes, the Principal Officer of your bank must acknowledge receipt of this circular to the concerned RBI Regional Office.
What if we already have KYC/AML procedures?
You must still consider the FATF statement's information in your existing procedures.