No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2011-12/410 · issued 23 Feb 2012 · ~1 min read
Quick answerRBI directs Primary Urban Co-operative Banks to factor in FATF's October 2011 statement on AML/CFT risks from certain jurisdictions. Banks must not restrict legitimate trade but should update their risk assessments accordingly.
What changed
RBI issued a circular on February 23, 2012, referencing an earlier August 2011 circular on AML/CFT deficiencies. It now requires urban co-operative banks to consider FATF's updated October 28, 2011 statement on high-risk jurisdictions.
What it means for you
Urban co-operative banks must integrate FATF's latest findings into their AML/CFT frameworks, enhancing scrutiny of transactions with flagged jurisdictions. This does not ban legitimate business but demands stronger due diligence. Banks should ensure their compliance teams are aligned with global standards to avoid regulatory gaps.
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 FATF's October 28, 2011 statement and update your AML/CFT risk assessment for relevant jurisdictions.
Ensure your Principal Officer acknowledges receipt of this circular to the respective RBI Regional Office.
Communicate the updated guidelines to compliance and operations teams handling cross-border transactions.
Do not restrict legitimate trade but enhance monitoring of transactions with flagged countries.
Who it affects
All AD Category I Primary (Urban) Co-operative Banks, Principal Officers of these banks, Compliance and AML/CFT teams
❓ Common questions
Regulatory timeline
Decoded by BankPulse2026-06-18 21:39 IST
repealed_by — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
Status change: withdrawn03 Aug 2026, 04:00 IST
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
Does this circular ban transactions with the listed jurisdictions?
No, it explicitly states that legitimate trade and business transactions with these countries should not be precluded.
What is the key action required from banks?
Banks must consider the information in FATF's updated statement and incorporate it into their AML/CFT procedures.
📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Repealed byRBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
📜 Read the original circular — full text as issued by RBI
RBI/2011-12/410
UBD.CO.BPD (AD) Cir.No.5/14.01.062/2011-12
February 23, 2012
The Chief Executive Officer of
All AD Category I Primary (Urban) Co-operative Banks
Madam/Dear Sir,
Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) – Standards – Primary (Urban) Co-operative Banks
Please refer to our circular UBD. CO.BPD (PCB).Cir.No.2/14.01.062/2011-12 dated August 03, 2011 on risks arising from the deficiencies in AML/CFT regime of certain jurisdictions.
2. Financial Action Task Force (FATF) has updated its Statement on October 28, 2011 on the subject ( copy enclosed ).
3. Primary (Urban) Co-operative Banks are accordingly advised to consider the information contained in the enclosed Statement.
4. This, however, does not preclude Primary (Urban) Co-operative Banks from legitimate trade and business transactions with these countries and jurisdictions.
5. The Principal Officer should acknowledge receipt of this circular to our Regional Office concerned.
Yours faithfully,
(M. Nanda Kumar)
General Manager
Encl: As above
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2011-12/410 · issued 23 Feb 2012. 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=7023&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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