Central Govt issued Circular on Revision of KYC, AML and CFT norms in respect of Post Office Savings Bank

The Department of Posts has issued Circular on Revision of Know Your Customer, Anti Money Laundering and Combating the Financing of Terrorism norms in respect of Post Office Savings Bank.

Department Economic Affairs, Ministry of Finance has notified Govt. Savings Promotion General Rules 2018 (GSPR 2018) and National Savings Schemes Rules 2019 which have been implemented from 18.12.2019. GSPR 2018 prescribes the mandatory documents and other optional documents to be obtained from the depositors.

After implementation of CBS, the process of reporting of transactions has also got changed.

Further, in order to comply with the guidelines of Financial Intelligent Unit – India (FIU-IND) and Financial Action Task Force (FATF), it has been decided to issue revised guidelines on AML/CFT norms to be followed in the post offices in respect of National (Small) Savings Schemes and accordingly, Master Circular No. 2 of KYC / AML/  CFT norms is attached herewith. This will supersede all previous orders issued on the subject.

Appendix I of POSB (CBS) Manual (Connected up to 31.12.2021) is amended and the contents of Master Circular No. 2 which is attached herewith shall be the amended text.

For Official Circular Download PDF Given Below: