RBI circular says, "The anti-money laundering (AML)
measures formulated should include customer identification
procedure - KYC norms, disclosure of suspicious transactions
and appointment of a money laundering reporting officer."
RBI said money-changers, henceforth, must undertake transactions
only after ensuring customer's credentials. For this purpose,
they should retain photocopies of proof of identification
after verifying the documents in original. Money-changers
now have to insist on the presentation of passports for
identification in all cases of sale of foreign exchange.
have also been asked to implement additional measures
such as staff training, maintenance of records and audit
of transactions. The central bank said the measures should
be formulated only after seeking board approval.
also need to furnish details pertaining to transactions
involving purchase of foreign exchange against payment,
in cash exceeding Rs10 lakh from inter-related persons
during the one month.