Introduction of Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) norms for small savings schemes fresh instructions and clarifica

Physical presence of customers at the time of opening of account / purchase of certificates had been made mandatory vide SB Order No.18/2010. The customers opting their transactions through agents are seen avoiding to come in person to post office which directly affects the investments under POSB schemes. Now the condition has been relaxed vide S B Order No. 22/2010 which is reproduced below for information. SubjeSub :- Introduction of Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) norms for small savings schemes fresh instructions and clarifications regarding. Refer to this office letter of even number dated 24.8.2010(SB Order 18/2010) vide which revised guide lines for implementation of KYC norms under PMLA were circulated . On receipt of various references from the field units as well as Agent Associations and general public, clause(b) and (c) of Para No.1 of the Annexure' A' enclosed with the SB Order18/2010 have been amended to exempt personal presence of the depositors(s)/Investor(s) at the time of opening of account /purchase of certificates. Modified clauses are as under:- Revised Para 1/Clause (b) and (c) (b) At the time of opening of account /purchase of certificates, it should be ensured that all KYC documents including photograph have either been self attested or attested by the Gazetted Officer. If the account is opened through agent or certificate are purchased through agent, the concerned agent should attest the documents including photograph by putting dated signatures along with agency number. In case of Joint Accounts/Investments, Joint photograph and documents of all Co-depositors or investors are required to be submitted (c) It is the duty of Counter PA or BPM and Supervisor or SPM (in case of SO) to see that all KYC documents have attestation as per clause (b) and they tally the photograph with the Photo ID. They should also tally name of the depositor(s) with name shown in the ID proof and record in writing on Account Opening Form or Purchase application as "KYC" Documents verified & attested. SB ORDER NO. 22/2010