SB Order No. 12/2023: Revision of KYC and AML/CFT Norms for POSB in Compliance with Financial Regulations

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Revision of Know Your Customer (KYC) and Anti Money Laundering (AML)/Combating the Financing of Terrorism (CFT) norms in respect of POSB (Post Office Savings Bank) has been issued. This order refers to Master Circular No. 1 on AML/CFT norms applicable for Small Savings Schemes, which was circulated in SB Order No. 1412012 dated 09.10.2012.

The Department of Economic Affairs, Ministry of Finance, has notified the General Rules for Savings Promotion 2018 (GSPR 2018) and National Savings Schemes Rules 2019, which have been implemented from 18.12.2019. GSPR 2018 outlines the mandatory and optional documents required from depositors.

With the implementation of Core Banking Solution (CBS), the process of reporting transactions has undergone changes.

To comply with the guidelines of the Financial Intelligence Unit-India (FIU-IND) and the Financial Action Task Force (FATF), revised guidelines on AML/CFT norms for National (Small) Savings Schemes in post offices have been issued. This new guideline, Master Circular No. 2, supersedes all previous orders on the subject.

Appendix I of the POSB (CBS) Manual (corrected up to 31.12.2021) has been amended, and the attached Master Circular No. 2 contains the updated text that should be followed. 

 


 

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