The Securities and Exchange Board of India (SEBI) on October 13, 2023, issued the Amendment to the Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money-laundering Act, 2002 and Rules framed there under.
The following has been stated namely: -
• The Master Circular Number SEBI/HO/MIRSD/MIRSD-SEC-5/P/CIR/2023/022 dated February 03, 2023, has been amended.
• In Paragraph 6, the following paragraph shall be inserted at the end, namely: -
“If the host country does not permit the proper implementation of AML/CFT measures consistent with the home country requirements, financial groups shall be required to apply appropriate additional measures to manage the ML/TF risks, and inform SEBI”
• Paragraph 7B which states “Financial groups shall be required to implement group-wide programmes for dealing with ML/TF, which shall be applicable, and appropriate to, all branches and majority-owned subsidiaries of the financial group” has been inserted.”
• Paragraph 11A which states “No transaction or account-based relationship shall be undertaken without following the CDD procedure” has been inserted.”
Please refer to the notification for further amendments
[Notification No. SEBI/HO/MIRSD/SEC-FATF/P/CIR/2023/0170]
