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FATF Statement on AML/CFT Deficiencies: Banks Must Act

No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2011-12/130 · issued 27 Jul 2011 · ~1 min read
Quick answerRBI directs all scheduled commercial banks and AIFIs to consider the FATF's June 24, 2011 statement on jurisdictions with strategic AML/CFT deficiencies. Banks must factor this into their risk assessments and compliance actions.

What changed

FATF issued a new statement on June 24, 2011, updating its list of jurisdictions with strategic AML/CFT deficiencies and calling for action plan implementation within set timeframes. RBI now requires banks and AIFIs to consider this updated FATF statement in their AML/CFT processes.

What it means for you

Banks must update their AML/CFT risk frameworks to incorporate the latest FATF-identified jurisdictions. This may affect customer due diligence, transaction monitoring, and reporting for entities linked to those jurisdictions. Non-compliance could expose banks to regulatory scrutiny 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

Who it affects

All Scheduled Commercial Banks (excluding RRBs), Local Area Banks, All India Financial Institutions

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

What is the FATF statement about?

The FATF statement identifies jurisdictions with strategic AML/CFT deficiencies and calls on them to complete action plans within a timeframe. It also asks members to consider this information.

Do we need to report anything to RBI?

Yes, your bank's Principal Officer must acknowledge receipt of this circular letter to RBI as per paragraph 4 of the circular.

What if we already have AML/CFT procedures?

You must still review and update your procedures to incorporate the latest FATF statement, as it may include new or changed jurisdictions.

📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Repealed by RBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
RBI’s words: “Official withdrawal register entry #1446: DBOD.AML.No.1456/14.01.001/2011-12 — "Anti-Money Laundering (AML) / Combating of Financing of Terrorism (CFT) - Standards" dated July 27, 2011”
📜 Read the original circular — full text as issued by RBI
RBI/2011-12/130 DBOD. AML.No. 1456 /14.01.001/2011-12 July 27, 2011 The Chairmen/CEOs of all Scheduled Commercial Banks(Excluding RRBs)/ Local Area Banks / All India Financial Institutions Dear Sir, Anti- Money Laundering (AML) / Combating of Financing of Terrorism (CFT)- Standards Please refer to our letter DBOD. AML.No.15008 /14.01.001/2010-11 dated March 24, 2011 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 June 24, 2011 ( 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. All banks and All India Financial Institutions are accordingly advised to consider the information contained in the enclosed Statement. 4. Please advise Principal Officer of your bank to acknowledge receipt of this circular letter. Yours faithfully, ( Deepak Singhal ) Chief General Manager Encl: As above
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2011-12/130 · issued 27 Jul 2011. The plain-English explanation above is BankPulse’s own independent summary.
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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6639&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.
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