Revision of KYC / AML / CFT norms in respect of POSB – Corrigendum to SB Order No. 12/2023

Revision of Know Your Customer (KYC) / Anti Money Laundering (AML) / Combating the Financing of Terrorism (CFT) norms in respect of POSB – Corrigendum to SB Order No. 12/2023

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)

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

Copy to:-

1. Sr. PPS to Secretary (Posts)
2. PS to Director General Postal Services.
3. PPS/ PS to Addl. DG (Co-ordination)/Member (Banking)/Member (O)/Member (P)/ Member (Planning & HRD)/Member (PLI)/Member (Tech)/AS & FA
4. Addl. Director General, APS, New Delhi
5. Chief General Manager, BD Directorate / Parcel Directorate / PLI Directorate
6. Sr. Deputy Director General (Vig) & CVO) / Sr. Deputy Director General (PAF)
7. Director, RAKNPA / GM, CEPT / Directors of all PTCs.
8. Director General P & T (Audit), Civil Lines, New Delhi
9. Secretary, Postal Services Board/ All Deputy Directors General
10. All General Managers (Finance) / Directors Postal Accounts / DDAP
11. The Under Secretary, MOF (DEA), NS-II Section, North Block, New Delhi.
12. The Joint Director & HOD, National Savings Institute, ICCW Building, New Delhi-110002.
13. All recognized Federations / Unions / Associations.
14. Guard File

(T C VIJAYAN)
Asst. Director (SB-I)