Corrigendum SB Order 12/2023 – Revision of KYC / AML / CFT norms
Corrigendum SB Order 12/2023 – Revision of Know Your Customer (KYC) / Anti Money Laundering (AML) / Combating the Financing of Terrorism (CFT) norms in respect of POSB
|Letter Number||No. FS-10/22/2023-FS-DOP|
|Issued by||Department of Posts (F.S. Division)|
|Subject||Corrigendum SB Order 12/2023 – Revision of KYC / AML / CFT norms|
|Signed By||(T C VIJAYAN) Asst. Director (SB-I)|
|Download PDF||Click Here|
Corrigendum SB Order 12/2023
Kindly refer the SB Order No. 12/2023 dated 25.05.2023 issued in connection with the subject cited above. In para 2.4.1 (iii) of the Master Circular No. 2 attached with the said order, “does not – exceed” may be read as “exceeds”.
2. Accordingly, para 2.4.1 (iii) may be read as High Risk – Where the customer opens account or applies for purchase of certificates or applies for credit of maturity/prematurity value of any existing savings instrument with an amount exceeding ₹ 10 lakh and balance in all accounts and certificates exceeds ₹ 10 lakh.
3. This may be circulated to all the concerned.
4. This is issued with the approval of Competent Authority.