SOME FULL FORMS IN AML/KYC
Central KYC Records Registry” (CKYCR)
Central Identities Data Repository” (CIDR)
Officially Valid Document” (OVD)
Non-profit organisations” (NPO)
Common Reporting Standards” (CRS)
Customer Due Diligence (CDD)
FATCA” means Foreign Account Tax Compliance Act
IGA” means Inter Governmental Agreement
Politically Exposed Persons” (PEPs)
Regulated Entities” (REs)
Scheduled Commercial Banks (SCBs)
Regional Rural Banks (RRBs)
Local Area Banks (LABs)
(Urban) Co-operative Banks (UCBs)
State and Central Co-operative Banks (StCBs / CCBs)
Money Transfer Service Scheme (MTSS)
Payment System Providers (PSPs)
SOME DEFINITIONS
“Shell bank” means a bank which is incorporated in a country where it has no physical presence and is unaffiliated to any regulated financial group.
“Wire transfer” means a transaction carried out, directly or through a chain of transfers, on behalf of an originator person (both natural and legal) through a bank by electronic means with a view to making an amount of money available to a beneficiary person at a bank.
"Principal Officer” means an officer nominated by the RE, responsible for furnishing information as per rule 8 of the Rules.
“Regulated Entities” (REs) means
Resident”, as defined under sub-section (v) of section 2 of the Aadhaar Act, means an individual who has resided in India for a period or periods amounting in all to one hundred and eighty-two days or more in the twelve months immediately preceding the date of application for enrolment for Aadhaar;
“Suspicious transaction” means a “transaction” as defined below, including an attempted transaction, whether or not made in cash, which, to a person acting in good faith,:
Central KYC Records Registry” (CKYCR)
Central Identities Data Repository” (CIDR)
Officially Valid Document” (OVD)
Non-profit organisations” (NPO)
Common Reporting Standards” (CRS)
Customer Due Diligence (CDD)
FATCA” means Foreign Account Tax Compliance Act
IGA” means Inter Governmental Agreement
Politically Exposed Persons” (PEPs)
Regulated Entities” (REs)
Scheduled Commercial Banks (SCBs)
Regional Rural Banks (RRBs)
Local Area Banks (LABs)
(Urban) Co-operative Banks (UCBs)
State and Central Co-operative Banks (StCBs / CCBs)
Money Transfer Service Scheme (MTSS)
Payment System Providers (PSPs)
SOME DEFINITIONS
“Shell bank” means a bank which is incorporated in a country where it has no physical presence and is unaffiliated to any regulated financial group.
“Wire transfer” means a transaction carried out, directly or through a chain of transfers, on behalf of an originator person (both natural and legal) through a bank by electronic means with a view to making an amount of money available to a beneficiary person at a bank.
"Principal Officer” means an officer nominated by the RE, responsible for furnishing information as per rule 8 of the Rules.
“Regulated Entities” (REs) means
- all Scheduled Commercial Banks (SCBs)/ Regional Rural Banks (RRBs)/ Local Area Banks (LABs)/ All Primary (Urban) Co-operative Banks (UCBs) /State and Central Co-operative Banks (StCBs / CCBs) and any other entity which has been licenced under Section 22 of Banking Regulation Act, 1949, which as a group shall be referred as ‘banks’
- All India Financial Institutions (AIFIs)
- All Non-Banking Finance Companies (NBFC)s, Miscellaneous Non-Banking Companies (MNBCs) and Residuary Non-Banking Companies (RNBCs).
- All Payment System Providers (PSPs)/ System Participants (SPs) and Prepaid Payment Instrument Issuers (PPI Issuers)
- All authorised persons (APs) including those who are agents of Money Transfer Service Scheme (MTSS), regulated by the Regulator.
Resident”, as defined under sub-section (v) of section 2 of the Aadhaar Act, means an individual who has resided in India for a period or periods amounting in all to one hundred and eighty-two days or more in the twelve months immediately preceding the date of application for enrolment for Aadhaar;
“Suspicious transaction” means a “transaction” as defined below, including an attempted transaction, whether or not made in cash, which, to a person acting in good faith,:
- gives rise to a reasonable ground of suspicion that it may involve proceeds of an offence specified in the Schedule to the Act, regardless of the value involved; or
- appears to be made in circumstances of unusual or unjustified complexity; or
- appears to not have economic rationale or bona-fide purpose; or
- gives rise to a reasonable ground of suspicion that it may involve financing of the activities relating to terrorism.
SOURCE : RBI CIRCULAR
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