FATF Statement on AML/CFT Deficiencies: UCBs Must Act
No longer current — replaced by Master Direction – Know Your Customer (KYC) Direction, 2016 (DBR.AML.BC.No.81/14.01.001/2015-16)
Source: Reserve Bank of India · RBI/2010-11/435 · issued 17 Mar 2011 · ~1 min read
Quick answerRBI advises all AD Category I Primary Urban Co-operative Banks to consider the enclosed FATF statement on jurisdictions with strategic AML/CFT deficiencies.
What changed
FATF issued a new statement on October 22, 2010, updating its list of jurisdictions with strategic AML/CFT deficiencies. RBI now requires all AD Category I Primary Urban Co-operative Banks to consider this updated statement in their operations.
What it means for you
Urban Co-operative Banks must incorporate the latest FATF findings into their AML/CFT frameworks, especially when dealing with counterparties from listed jurisdictions. Non-compliance could expose banks to regulatory action and reputational risk.
Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.
What banks were required to do at the time
Review the enclosed FATF statement dated October 22, 2010, and update your AML/CFT risk assessments accordingly.
Ensure your compliance and principal officers acknowledge receipt of this circular to the respective RBI Regional Office.
Advise all relevant departments to factor the FATF list into customer due diligence and transaction monitoring processes.
Who it affects
All AD Category I Primary Urban Co-operative Banks, Compliance Officers and Principal Officers of these banks
❓ Common questions
Regulatory timeline
Decoded by BankPulse2026-06-19 02:12 IST
Superseded by — Master Direction – Know Your Customer (KYC) Direction, 2016 (DBR.AML.BC.No.81/14.01.001/2015-16)
Status change: superseded03 Aug 2026, 04:00 IST
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
What is the FATF statement about?
It identifies jurisdictions with strategic deficiencies in anti-money laundering and combating financing of terrorism (AML/CFT) frameworks, urging members to consider these risks.
Do we need to report anything to RBI after reviewing the statement?
Yes, the Compliance Officer or Principal Officer must acknowledge receipt of this circular to the RBI Regional Office concerned.
📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Superseded byMaster Direction – Know Your Customer (KYC) Direction, 2016 (DBR.AML.BC.No.81/14
📜 Read the original circular — full text as issued by RBI
RBI/2010-11/435
UBD.CO.BPD (PCB) Cir.No. 7/14.01.062/2010-11
March 17, 2011
The Chief Executive Officer of
All AD Category I Primary (Urban) Co-operative Banks
Dear Sir,
Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) – Standards
Please refer to our circular UBD (PCB) CO.BPD.Cir.No.17/14.01.062/2010-11 dated October 25, 2010 forwarding the Financial Action Task Force (FATF) Statement identifying a list of jurisdictions which have strategic AML/CFT deficiencies.
2. FATF has further issued a Statement on October 22, 2010 ( copy enclosed ) calling upon jurisdictions listed in the Statement to complete the implementation of their action plan within the timeframe. The FATF, in the Statement, has called upon its members to consider the information given in the Statement.
3. The Urban Co-operative Banks are accordingly advised to consider the information contained in the enclosed Statement.
4. The Compliance Officer/Principal Officer of the bank should acknowledge receipt of this circular to our Regional Office concerned .
Yours faithfully,
(M.Nanda Kumar)
Deputy General Manager
Encl: As above
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2010-11/435 · issued 17 Mar 2011. The plain-English explanation above is BankPulse’s own independent summary.
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6294&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
Help us keep this accurate
Found an inaccuracy or have an improvement? Tell us. Every report is reviewed by our team before any change is made — nothing goes live unverified.
Public beta — plain-English informational summaries. Always verify against the official RBI source (circular number cited on every page) before making compliance, credit, treasury, audit, or operational decisions. · Join our WhatsApp channel ↗
BANKPULSE · FREE DAILY BRIEF
Get RBI updates for your role
Every important RBI update, decoded in plain English — for your career, exams & financial awareness.
We collect only your email, name and role, used solely to send your brief — never sold or shared. Withdraw anytime via the unsubscribe link in any email. Independent platform, not affiliated with the RBI. Information, not legal advice.
REPORT AN ERROR · BETA
Spotted an error? Earn 500 BankPulse Credits
Help us stay accurate. If your correction is verified true and approved by our founder, you earn 500 BankPulse Credits — redeemable when the platform monetises.
Reviewed by a human before any credit is awarded. We never change the site from crowd input without verification.
WANT A NEW FEATURE · BETA
What would make BankPulse more useful for you?
Tell us what to build next — a tool, a data view, a role page, anything. We read every suggestion.
Thank you — your ideas directly shape what we build.