Revision of Know Your Customer (KYC) / Anti Money Laundering (AML) / Combating the Financing of Terrorism (CFT) norms in respect of POSB
The Ministry of Communications, Department of Posts, Government of India has issued a corrigendum, SB Order No. 12/2023, regarding the revision of Know Your Customer (KYC), Anti Money Laundering (AML), and Combating the Financing of Terrorism (CFT) norms for the Post Office Savings Bank (POSB). The corrigendum amends para 2.4.1 (iii) of the Master Circular No. 2 attached to the order, changing the phrase “does not – exceed” to “exceeds.”
SB Order No. 12 / 2023
No. FS-10/22/2023-FS-DOP
Govt. of India
Ministry of Communications
Department of Posts
(F.S. Division)
Dak Bhawan, New Delhi – 110001
Dated: 29.05.2023
Corrigendum
To
All Heads of Circles / Regions
Subject: Revision of Know Your Customer (KYC) / Anti Money Laundering (AML) / Combating the Financing of Terrorism (CFT) norms in respect of POSB – Reg.
Madam / Sir,
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.
(T C VIJAYAN)
Asst. Director (SB-I)