What changed
RBI forwarded FATF's October 22, 2010 statement calling on jurisdictions to complete their AML/CFT action plans within set timeframes. It reminded payment system entities to consider this information and also referenced a prior circular (DBOD.AML.No.2329/14.01.037/2009-10) listing deficient jurisdictions.
What it means for you
Payment system operators must stay vigilant about AML/CFT risks linked to certain jurisdictions. This circular reinforces that compliance with FATF standards is non-negotiable, and entities should integrate these updates into their risk assessment and due diligence processes.
What you must do
- Review the enclosed FATF statement and update your AML/CFT risk assessment accordingly.
- Ensure your compliance team references the earlier August 2010 circular on deficient jurisdictions.
- Have your Nodal/Principal Officer acknowledge receipt of this circular to RBI.
Who it affects
All authorised payment system operators in India, Compliance and AML/CFT teams of payment entities, Nodal Officers and Principal Officers of these entities
What is the FATF statement about?
It identifies jurisdictions with strategic AML/CFT deficiencies and calls on them to implement action plans within a specified timeframe.
Do I need to take any action beyond acknowledging receipt?
Yes, you must consider the FATF information in your AML/CFT framework and refer to the earlier August 2010 circular for the list of deficient jurisdictions.