{"id":305073,"date":"2023-10-17T18:00:26","date_gmt":"2023-10-17T12:30:26","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=305073"},"modified":"2023-10-17T17:21:12","modified_gmt":"2023-10-17T11:51:12","slug":"sebi-revises-master-circular-on-anti-money-laundering-and-terrorist-combating-terrorist-fiancing-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/17\/sebi-revises-master-circular-on-anti-money-laundering-and-terrorist-combating-terrorist-fiancing-legal-news\/","title":{"rendered":"SEBI makes stringent provisions on Money Laundering and Terrorist Financing in accordance with PML (Maintenance of Records) Rules 2005"},"content":{"rendered":"
\n

On 13-10-2023, the Securities and Exchange Board of India (‘SEBI’) notified amendments in its Master Circular dated 3-2-2023<\/a> on Guidelines on Anti-Money Laundering (‘AML’) Standards and Combating the Financing of Terrorism (‘CFT’) \/Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002<\/a> and Rules framed there under.<\/p>\n

On 04-09-2023, the Government of India, notified the Prevention of Money-laundering (Maintenace of Records) (Second Amendment) Rules, 2023 to amend the Prevention of Money-laundering (Maintenace of Records) Rules, 2005<\/a>.<\/p>\n

This modification in the Master Circular has been made to further enhance the effectiveness of the AML\/CFT framework.<\/p>\n

Key Points:<\/p>\n

    \n
  1. \n

    Paragraph 6, relating to the “Policies and Procedures to Combat Money Laundering and Terrorist Financing- Essential Principals”<\/span>, has been revised and a new provision has been inserted which says that if the host country does not permit the proper implementation of AML\/CFT measures consistent with the home country requirements, financial groups will be required to apply appropriate additional measures to manage the Money Laundering\/Terrorist Financing risks, and inform SEBI.<\/p>\n<\/li>\n

  2. \n

    Paragraph 7B<\/span>, relating to “Obligations to establish Policies and Procedure”<\/span>, has been introduced which talks about implementation of group wide programmes, by financial groups, to deal with Money Laundering\/Terrorist Financing which will be applicable to all branches and majority owned subsidiaries of the financial group.<\/p>\n<\/li>\n

  3. \n

    Paragraph 11, relating to measures taken for “Client Due Diligence” (‘CDD’)<\/span>, has been revised:<\/p>\n

      \n
    • \n

      In case of a Trust’s, the reporting entity will have to ensure that the trustees disclose their status at the time of commencement of an account-based relationship.<\/p>\n<\/li>\n

    • \n

      The provision relating to identification of beneficial ownership and control has been revised in the following cases:<\/p>\n

        \n
      • \n

        Where the client is company;<\/p>\n<\/li>\n

      • \n

        Where the client is partnership firm;<\/p>\n<\/li>\n

      • \n

        Where the client is an unincorporated association or body of individuals;<\/p>\n<\/li>\n

      • \n

        Where no natural person is identified;<\/p>\n<\/li>\n

      • \n

        Where the client is a where the client or the owner of the controlling interest is an entity listed on a stock exchange in India trust;<\/p>\n<\/li>\n

      • \n

        Applicability for foreign investors.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n

      • \n

        Paragraph 11-A<\/span> has been inserted which says that no transaction or account-based relationship will be undertaken without following the CDD procedure.<\/p>\n<\/li>\n

      • \n

        Paragraph 41-A<\/span>, relating to “Record Keeping”<\/span>, has been introduced which says that where the registered entity does not have records of the identity of its existing clients, it will have to obtain the records. In case it fails to do so, the registered intermediary will close the account of the client after giving due notice to the client.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

        On 13-10-2023, the Securities and Exchange Board of India (‘SEBI’) notified amendments in its Master Circular dated 3-2-2023 on Guidelines on Anti-Money <\/p>\n","protected":false},"author":67515,"featured_media":295620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[37993,61991,61992,29661,55872,44655,2563,38499],"class_list":["post-305073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-anti-money-laundering","tag-combat-money-laundering","tag-combat-terrorist-financing","tag-master-circular","tag-pml","tag-prevention-of-money-laundering","tag-SEBI","tag-terrorist-financing"],"yoast_head":"\nSEBI revises Guidelines on AML CFT | SCC Blog<\/title>\n<meta name=\"description\" content=\"Securities and Exchange Board of India ('SEBI') 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READ MORE GOODS AND SERVICES TAX COUNCIL (GST COUNCIL) [52nd GST Council Meeting]\u2026","rel":"","context":"In "Legal RoundUp"","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"Legislation Roundup October 2023","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Legislation-Roundup-October-2023.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Legislation-Roundup-October-2023.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Legislation-Roundup-October-2023.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Legislation-Roundup-October-2023.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":221342,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/10\/21\/guidelines-on-anti-money-laundering-aml-standards-combating-financing-of-terrorism-cft-under-prevention-of-money-laundering-act-2002\/","url_meta":{"origin":305073,"position":1},"title":"Guidelines on Anti-Money Laundering (AML) Standards & Combating Financing of Terrorism (CFT) under Prevention of Money Laundering Act, 2002","author":"Bhumika Indulia","date":"October 21, 2019","format":false,"excerpt":"1. The Prevention of Money Laundering Act, 2002 (\u201cPMLA\u201d) was brought into force with effect from 1st July 2005. Necessary Notifications \/ Rules under the said Act were published in the Gazette of India on July 01, 2005 by the Department of Revenue, Ministry of Finance, Government of India. 2.\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":196057,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/05\/17\/the-prevention-of-money-laundering-maintenance-of-records-amendment-rules-2018-notified\/","url_meta":{"origin":305073,"position":2},"title":"The Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2018, notified","author":"Saba","date":"May 17, 2018","format":false,"excerpt":"G.S.R. 456(E).\u2014In exercise of the powers conferred by sub-section (1) read with clause (i), clause (j), clause (jj) and clause (k) of sub-section (2) of Section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government in consultation with the Reserve Bank of India hereby makes\u2026","rel":"","context":"In "Foreign Legislation"","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":352126,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/07\/02\/bringing-art-into-frame-pmla-art-market-participants\/","url_meta":{"origin":305073,"position":3},"title":"Bringing Art into Frame: A Case for Including Art Market Participants under the PMLA","author":"Editor","date":"July 2, 2025","format":false,"excerpt":"by Avik Biswas*, Rithika Reddy** and Prerna Acharya***","rel":"","context":"In "Experts Corner"","block_context":{"text":"Experts Corner","link":"https:\/\/www.scconline.com\/blog\/post\/category\/experts_corner\/"},"img":{"alt_text":"Art Market Participants PMLA","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/07\/Art-Market-Participants-PMLA.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/07\/Art-Market-Participants-PMLA.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/07\/Art-Market-Participants-PMLA.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/07\/Art-Market-Participants-PMLA.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":288322,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/04\/03\/legislation-march-2023-17-stories-on-new-drugs-and-clinical-trials-development-methodology-revised-surrogacy-methods-of-treatment-revised-maximum-allowed-cf-for-emission-testing-introduced-sebi\/","url_meta":{"origin":305073,"position":4},"title":"LEGISLATION MARCH 2023 | 17+ Stories on New Drugs and Clinical Trials Development Methodology revised; Surrogacy Methods of Treatment revised; Maximum Allowed CF for Emission Testing introduced; SEBI Circulars & more","author":"Kriti","date":"April 3, 2023","format":false,"excerpt":"MINISTRY OF FINANCE \u201cImplementation of Policies by groups\u201d introduced vide PML (Maintenance of Records) Amendment Rules, 2023 On 7-3-2023, the Ministry of Finance notified the Prevention of Money- laundering (Maintenance of Records) Amendment Rules, 2023 to amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. The provisions came into\u2026","rel":"","context":"In "Legal RoundUp"","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/tmp_a43267b2-94d9-4609-afc3-6fd7e69d455b.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/tmp_a43267b2-94d9-4609-afc3-6fd7e69d455b.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/tmp_a43267b2-94d9-4609-afc3-6fd7e69d455b.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/tmp_a43267b2-94d9-4609-afc3-6fd7e69d455b.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":175604,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/13\/linking-of-aadhaar-to-bank-accounts-postponed-indefinately\/","url_meta":{"origin":305073,"position":5},"title":"Linking of Aadhaar to existing bank accounts postponed indefinitely","author":"Prachi Bhardwaj","date":"December 13, 2017","format":false,"excerpt":"On 12.12.2017, Central Government, in consultation with the Reserve Bank of India, made the Prevention of Money Laundering (Maintenance of Records) Seventh Amendment Rules, 2017, thereby\u00a0replacing the requirement\u00a0of submitting \"the Aadhaar number and Permanent Account Number by December 31, 2017\" under proviso (a) to Rule 9(17) of the Prevention of\u00a0Money\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/305073","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67515"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=305073"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/305073\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/295620"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=305073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=305073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=305073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}