Revision of Know Your Customer (KYC) / Anti Money Laundering (AML) / Combating the Financing of Terrorism (CFT) norms in respect of POSB
SB Order No. 12 / 2023
Govt. of India
Ministry of Communications
Department of Posts
Dak Bhawan, New Delhi – 110001
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”.
- 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.
- This may be circulated to all the concerned.
- This is issued with the approval of Competent Authority.
(T C VIJAYAN)
Asst. Director (SB-I)
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