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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. - SEBI - SEBI/HO/MIRSD/DOP/CIR/P/2019/113

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..... sfer agent, banker to an issue, trustee to a trust deed, registrar to an issue, asset management company, depository participant, merchant banker, underwriter, portfolio manager, investment adviser and any other intermediary associated with the securities market and registered under Section 12 of the Securities and Exchange Board of India Act, 1992 (SEBI Act)) shall have to adhere to client account opening procedures and maintain records of such transactions as prescribed by the PMLA and rules notified there under. 3. Pursuant to amendments made to the PMLA and Rules made thereunder, updated guidelines in the context of recommendations made by Financial Action Task force (FATF) on anti-money laundering standards is enclosed. These guidelines have been divided into two parts; the first part is an overview on the background and essential principles that concern combating Money Laundering (ML) and Terrorist Financing (TF). The second part provides a detailed account of the procedures and obligations to be followed by all registered intermediaries to ensure compliance with AML/ CFT directives. These guidelines shall also apply to registered intermediaries’ branches and subsidiari .....

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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. - SEBI

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..... out the steps that a registered intermediary or its representatives shall implement to discourage and to identify any money laundering or terrorist financing activities. The relevance and usefulness of these Directives will be kept under review and it may be necessary to issue amendments from time to time. 1.1.2 These Directives are intended for use primarily by intermediaries registered under Section 12 of the Securities and Exchange Board of India Act, 1992 (SEBI Act). While it is recognized that a “one- size-fits-all” approach may not be appropriate for the securities industry in India, each registered intermediary shall consider the specific nature of its business, organizational structure, type of clients and transactions, etc. when implementing the suggested measures and procedures to ensure that they are effectively applied. The overriding principle is that they shall be able to satisfy themselves that the measures taken by them are adequate, appropriate and abide by the spirit of such measures and the requirements as enshrined in the PMLA. 1.2. Background 1.2.1 The PMLA came into effect from 1st July 2005. Necessary Notifications / Rules under the said Act were .....

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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. - SEBI

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..... t Money Laundering and Terrorist financing 1.3.1 Essential Principles: 1.3.1.1 These Directives have taken into account the requirements of the PMLA as applicable to the intermediaries registered under Section 12 of the SEBI Act. The detailed Directives in Section II have outlined relevant measures and procedures to guide the registered intermediaries in preventing ML and TF. Some of these suggested measures and procedures may not be applicable in every circumstance. Each intermediary shall consider carefully the specific nature of its business, organizational structure, type of client and transaction, etc. to satisfy itself that the measures taken by it are adequate and appropriate and follow the spirit of the suggested measures in Section II and the requirements as laid down in the PMLA. 1.3.2 Obligation to establish policies and procedures: 1.3.2.1 Global measures taken to combat drug trafficking, terrorism and other organized and serious crimes have all emphasized the need for financial institutions, including securities market intermediaries, to establish internal procedures that effectively serve to prevent and impede money laundering and terrorist financing. The PMLA is in l .....

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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. - SEBI

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..... ating and checking the adequacy of exception reports generated on large and/or irregular transactions, the quality of reporting of suspicious transactions and the level of awareness of front line staff, of their responsibilities in this regard. The internal audit function shall be independent, adequately resourced and commensurate with the size of the business and operations, organization structure, number of clients and other such factors Section 2: Detailed Directives 2.1. Written Anti Money Laundering Procedures 2.1.1 Each registered intermediary shall adopt written procedures to implement the anti- money laundering provisions as envisaged under the PMLA. Such procedures shall include inter alia, the following three specific parameters which are related to the overall ‘Client Due Diligence Process’: a) Policy for acceptance of clients b) Procedure for identifying the clients c) Transaction monitoring and reporting especially Suspicious Transactions Reporting (STR). 2.2. Client Due Diligence (CDD) 2.2.1 The CDD measures comprise the following: a) Obtaining sufficient information in order to identify persons who beneficially own or control the securities account. Whene .....

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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. - SEBI

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..... he relevant natural person who holds the position of senior managing official. ii. For client which is a trust: Where the client is a trust, the intermediary shall identify the beneficial owners of the client and take reasonable measures to verify the identity of such persons, through the identity of the settler of the trust, the trustee, the protector, the beneficiaries with 15% or more interest in the trust and any other natural person exercising ultimate effective control over the trust through a chain of control or ownership. iii. Exemption in case of listed companies: Where the client or the owner of the controlling interest is a company listed on a stock exchange, or is a majority owned subsidiary of such a company, it is not necessary to identify and verify the identity of any shareholder or beneficial owner of such companies. iv. Applicability for foreign investors: Intermediaries dealing with foreign investors’ may be guided by the clarifications issued vide SEBI circulars CIR/MIRSD/11/2012 dated September 5, 2012 and CIR/ MIRSD/07/2013 dated September 12, 2013, for the purpose of identification of beneficial ownership of the client. v. The Stock Exchanges and Deposi .....

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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. - SEBI

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..... file. c) Documentation requirements and other information to be collected in respect of different classes of clients depending on the perceived risk and having regard to the requirements of Rule 9 of the PML Rules, Directives and Circulars issued by SEBI from time to time. d) Ensure that an account is not opened where the intermediary is unable to apply appropriate CDD measures/ KYC policies. This shall apply in cases where it is not possible to ascertain the identity of the client, or the information provided to the intermediary is suspected to be non - genuine, or there is perceived non - co-operation of the client in providing full and complete information. The market intermediary shall not continue to do business with such a person and file a suspicious activity report. It shall also evaluate whether there is suspicious trading in determining whether to freeze or close the account. The market intermediary shall be cautious to ensure that it does not return securities of money that may be from suspicious trades. However, the market intermediary shall consult the relevant authorities in determining what action it shall take when it suspects suspicious trading. e) The circumstance .....

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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. - SEBI

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..... volume of transactions, payment methods used by clients, etc. The risk assessment shall also take into account any country specific information that is circulated by the Government of India and SEBI from time to time, as well as, the updated list of individuals and entities who are subjected to sanction measures as required under the various United Nations' Security Council Resolutions (these can be accessed at the URL - http://www.un.org/sc/committees/1267/aq_sanctions_list.shtml and http://www.un.org/sc/committees/1988/list.shtml) b) The risk assessment carried out shall consider all the relevant risk factors before determining the level of overall risk and the appropriate level and type of mitigation to be applied. The assessment shall be documented, updated regularly and made available to competent authorities and self-regulating bodies, as and when required. 2.2.4 Clients of special category (CSC): Such clients shall include the following: a) Non - resident clients b) High net-worth clients, c) Trust, Charities, Non-Governmental Organizations (NGOs)and organizations receiving donations d) Companies having close family shareholdings or beneficial ownership e) Politically E .....

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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. - SEBI

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..... red intermediaries shall proactively put in place appropriate risk management systems to determine whether their client or potential client or the beneficial owner of such client is a politically exposed person. Such procedures shall include seeking relevant information from the client, referring to publicly available information or accessing the commercial electronic databases of PEPS. Further, the enhanced CDD measures as outlined in clause 2.2.5 shall also be applicable where the beneficial owner of a client is a PEP. b) All registered intermediaries are required to obtain senior management approval for establishing business relationships with PEPs. Where a client has been accepted and the client or beneficial owner is subsequently found to be, or subsequently becomes a PEP, registered intermediaries shall obtain senior management approval to continue the business relationship. c) Registered intermediaries shall also take reasonable measures to verify the sources of funds as well as the wealth of clients and beneficial owners identified as PEP. d) The client shall be identified by the intermediary by using reliable sources including documents / information. The intermediary shal .....

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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. - SEBI

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..... culars (as amended from time to time) regarding the verification of the records of the identity of clients. Further no exemption from carrying out CDD exists in respect of any category of clients. In other words, there shall be no minimum investment threshold/ category-wise exemption available for carrying out CDD measures by registered intermediaries. This shall be strictly implemented by all intermediaries and non-compliance shall attract appropriate sanctions. 2.2.6 Reliance on third party for carrying out Client Due Diligence (CDD)3 2.2.6.1 Registered intermediaries may rely on a third party for the purpose of a) identification and verification of the identity of a client and b) Determination of whether the client is acting on behalf of a beneficial owner, identification of the beneficial owner and verification of the identity of the beneficial owner. Such third party shall be regulated, supervised or monitored for, and have measures in place for compliance with CDD and record-keeping requirements in line with the obligations under the PML Act. 2.2.6.2 Such reliance shall be subject to the conditions that are specified in Rule 9 (2) of the PML Rules and shall be in accordance w .....

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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. - SEBI

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..... oreign currency; b) all series of cash transactions integrally connected to each other which have been individually valued below rupees ten lakh or its equivalent in foreign currency where such series of transactions have taken place within a month and the monthly aggregate exceeds an amount of ten lakh rupees or its equivalent in foreign currency; c) all cash transactions where forged or counterfeit currency notes or bank notes have been used as genuine or where any forgery of a valuable security or a document has taken place facilitating the transactions; d) all suspicious transactions whether or not made in cash and by way of as mentioned in the Rules. 2.4. Information to be maintained 2.4.1 Intermediaries are required to maintain and preserve the following information in respect of transactions referred to in Rule 3 of PML Rules: a) the nature of the transactions; b) the amount of the transaction and the currency in which it is denominated; c) the date on which the transaction was conducted; and d) the parties to the transaction. 2.5. Retention of Records4 2.5.1 Intermediaries shall take appropriate steps to evolve an internal mechanism for proper maintenance and preservation o .....

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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. - SEBI

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..... toring of transactions 2.6.1 Regular monitoring of transactions is vital for ensuring effectiveness of the AML procedures. This is possible only if the intermediary has an understanding of the normal activity of the client so that it can identify deviations in transactions / activities. 2.6.2 The intermediary shall pay special attention to all complex unusually large transactions / patterns which appear to have no economic purpose. The intermediary may specify internal threshold limits for each class of client accounts and pay special attention to transactions which exceeds these limits. The background including all documents/office records /memorandums/clarifications sought pertaining to such transactions and purpose thereof shall also be examined carefully and findings shall be recorded in writing. Further such findings, records and related documents shall be made available to auditors and also to SEBI/stock exchanges/FIUIND/ other relevant Authorities, during audit, inspection or as and when required. These records are required to be maintained and preserved for a period of five years from the date of transaction between the client and intermediary. 2.6.3 The intermediary shall .....

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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. - SEBI

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..... as normal until told otherwise and the client shall not be told of the report/ suspicion. In exceptional circumstances, consent may not be given to continue to operate the account, and transactions may be suspended, in one or more jurisdictions concerned in the transaction, or other action taken. The Principal Officer/ Money Laundering Control Officer and other appropriate compliance, risk management and related staff members shall have timely access to client identification data and CDD information, transaction records and other relevant information. 2.7.4 It is likely that in some cases transactions are abandoned or aborted by clients on being asked to give some details or to provide documents. It is clarified that intermediaries shall report all such attempted transactions in STRs, even if not completed by clients, irrespective of the amount of the transaction. 2.7.5 Clause 2.2.4 (g) of this Master Circular categorizes clients of high risk countries, including countries where existence and effectiveness of money laundering controls is suspect or which do not or insufficiently apply FATF standards, as ‘CSC’. Intermediaries are directed that such clients shall also be .....

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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. - SEBI

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..... Floor, Hotel Samrat, Chanakyapuri, New Delhi-110021. Website: http://fiuindia.gov.in 2.10.2 Intermediaries shall carefully go through all the reporting requirements and formats that are available on the website of FIU - IND under the Section Obligation of Reporting Entity - Furnishing Information - Reporting Format (https://fiuindia.gov.in/files/downloads/Filing_Information.html). These documents contain detailed directives on the compilation and manner/procedure of submission of the reports to FIU-IND. The related hardware and technical requirement for preparing reports, the related data files and data structures thereof are also detailed in these documents While detailed instructions for filing all types of reports are given in the instructions part of the related formats, intermediaries shall adhere to the following: a) The Cash Transaction Report (CTR) (wherever applicable) for each month shall be submitted to FIU-IND by 15th of the succeeding month. b) The Suspicious Transaction Report (STR) shall be submitted within 7 days of arriving at a conclusion that any transaction, whether cash or non-cash, or a series of transactions integrally connected are of suspicious nature. The .....

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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. - SEBI

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..... is advisable that the ‘Principal Officer’ is of a sufficiently senior position and is able to discharge the functions with independence and authority. 2.11.2 Appointment of a Designated Director:8 2.11.2.1 In addition to the existing requirement of designation of a Principal Officer, the registered intermediaries shall also designate a person as a 'Designated Director'. In terms of Rule 2 (ba) of the PML Rules, the definition of a Designated Director reads as under: “Designated director means a person designated by the reporting entity to ensure overall compliance with the obligations imposed under chapter IV of the Act and the Rules and includes - a) the Managing Director or a Whole-Time Director duly authorizes by the Board of Directors if the reporting entity is a company, b) the managing partner if the reporting entity is a partnership firm, c) the proprietor if the reporting entity is a proprietorship firm, d) the managing trustee if the reporting entity is a trust, e) a person or individual, as the case may be, who controls and manages the affairs of the reporting entity if the reporting entity is an unincorporated association or a body of individua .....

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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. - SEBI

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..... jectives of the AML/CFT programme. SCHEDULE I List of key circulars/ directives issued with regard to KYC, CDD, AML and CFT S.No. Circular Number Date of Circular Subject Broad area covered 1. SEBI/HO/MIRSD/DOP /CIR/P/2019/69 May 28, 2019 Combating Financing of Terrorism (CFT) under Unlawful Activities (Prevention) Act, 1967 - Directions to stock exchanges, depositories and all registered intermediaries Procedure to be followed for the freezing of assets of individual or entities engaged in terrorism 2. SEBI/HO/IMD/FIIC/ CIR/ P/ 2017/068 June 30, 2017 Acceptance of e -PAN card for KYC purpose E-PAN issued by CBDT for KYC compliance by FPI 3. SEBI/HO/MRD/DP/CIR/ P/2016/134 December 15, 2016 Master Circulars for Depositories Opening of BO Accounts 4. CIR/IMD/FPIC/123/ 2016 November 17, 2016 Review of requirement for copy of PAN Card to open accounts of FPIs Verification and submission of PAN Card by FPI 5. CIR/ MIRSD/120/2016 November 10, 2016 Uploading of the existing clients' KYC details with Central KYC Records Registry (CKYCR) System by the registered intermediaries Time lines for registered intermediaries in respect of uploading KYC data of the new and existing individual cl .....

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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. - SEBI

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..... ements Acceptance of e-KYC service launched by UIDAI as a valid process for KYC verification 14. CIR/ MIRSD/ 07/2013 September 12, 2013 Know Your Client Requirements for Eligible Foreign Investors Partial modification to the provisions of circular No CIR/MIRSD/11/2012 dated September 5, 2012, Classification of Eligible foreign investors investing under Portfolio Investment Scheme ('PIS') route as Category I, II and III 15. CIR/MIRSD/ 4/2013 March 28, 2013 Amendment to SEBI {(Know Your Client) Registration Agency} Regulations, 2011 and relevant circulars Modification of circulars dated December 23, 2011 and April 13, 2012, to the extent of requirement for sending original KYC documents of the clients to the KRA 16. CIR/MIRSD/ 2/2013 January 24,2013 Guidelines on Identification of Beneficial Ownership Client Due Diligence to identify and verify the identity of persons who beneficially own or control the securities account for clients other than individuals or trusts and client which is a trust. Exemption in case of listed companies, Applicability for foreign investors and Implementation 17. CIR/MIRSD/ 01/2013 January 04, 2013 Rationalization process for obtaining PAN by Inves .....

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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. - SEBI

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..... andards/ Combating the Financing of Terrorism (CFT)/Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under 27. CIR/MRD/ DP/37/2010 December 14, 2010 Acceptance of third party address as correspondence address Capturing of address other than that of the BO as the correspondence address. 28. CIR/MRD/ DMS/13/2010 August 31, 2010 Guidelines on the Execution of Power of Attorney by the Client in favour of Stock Broker/ DP Clarifications on the Execution of the POA by the client 29. CIR/MRD/ DMS/13/ 2010 April 23, 2010 Guidelines on the Execution of Power of Attorney by the Client in favour of Stock Broker/ DP Guidelines on the Execution of Power of Attorney by the Client 30. CIR/ISD/ AML/2/2010 June 14, 2010 Additional Requirements for AML/ CFT Additional Requirements on retention of documents, monitoring, tipping off, updation of records and other clarifications. 31. CIR/ISD/ AML/1/2010 February 12, 2010 Master Circular -AML/ CFT Framework for AML/ CFT including procedures for CDD, client identification, record keeping & retention, monitoring and reporting of STRs 32. SEBI/ MIRSD/ Cir No.02/ 2010 January 18, 2 .....

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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. - SEBI

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..... e securities market. 43. ISD /CIR/ RR/ AML/2/ 06 March 20, 2006 PMLA Obligations Of intermediaries in terms of Rules notified there under Procedure for maintaining and preserving records, reporting requirements and formats of reporting cash transactions and suspicious transactions 44. ISD/ CIR/ RR/ AML/1/ 06 January 18, 2006 Directives on AML Standards Framework for AML and CFT including policies and procedures, Client Due Diligence requirements, record keeping, retention, monitoring and reporting 45. SEBI/ MIRSD/ DPS - 1/ Cir-31/ 2004 August 26, 2004 Uniform Documentary Requirements for trading Uniform KYC documentary requirements for trading on different segments and exchanges 46. MRD/ DoP/ Dep/ Cir- 29/ 2004 August 24, 2004 Proof of Identity (POI) and Proof of Address (POA) for opening a Beneficiary Owner Broadening the list of documents that may be accepted as Proof of Identity (POI) and/or Proof of Address (POA) for the purpose of opening a BO Account 47. SEBI/ MRD/ SE /Cir- 33/ 2003/ 27/ 08 August 27, 2003 Mode of payment and delivery Prohibition on acceptance/ giving of cash by brokers and on third party transfer of securities 48. SMDRP/ Policy/ Cir- 36/ 2000 August 4, 2000 .....

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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. - SEBI

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