|Country||Updates||Status of Regulation|
|India||RBI has amended the Know Your Customer (KYC) norms with regards to Change in name on account of marriage or otherwise.
· In concern to resolve the issues of changes in name after marriage faced by the individuals while submitting an officially valid document, the Government in consultation with the Reserve bank of India has made amendments to the Prevention of Money Laundering Act (maintenance of records) 2005
· According to which, a document shall be accepted as an officially valid one, even if there is a change in name subsequent to the issue of document, provided it is supported by a Marriage certificate which is issued by the State Government or a through a gazette notification
|Anti Money Laundering and Countering Financing of Terrorism Act 2009.
Amendment to Prevention of Money Laundering (Maintenance of Records) Rules, 2005 – Submitting ‘Officially Valid Documents’ – Change in name on account of marriage or otherwise
|New Zealand||New Zealand’s amendments to the existing Anti Money Laundering Act
· Anti money laundering and countering financing of terrorism 2010 has amended and replaced few regulations where as other few regulations stand expired
· Regulation 2 came into force on 16th October 2010, which were amended and replaced by regulation 4 which will come into force from 16th October 2014
· Regulation 5 stands expired. It is replaced by Regulation 154(5) which talks about movement of cash into or out of New Zealand. This sub clause prescribes the threshold value of USD 9,999.99. This threshold value applies to all persons, all transactions and all financial activities
· Regulation 6 which was replaced on 16th October 2015 which talks about a prescribed form of cash report which says that the report must be in writing should contain the prescribed information and must be in accordance with the regulations of the country.
|Anti money Laundering and countering Financing of terrorism Act 2010|
Articles and the opinions expressed herein do not necessarily represent the view of the Co. / organization or any employee / member thereof or of any particular editor. The information provided herein is on an “as is” basis. Some of the information contained in the Newsletter has been obtained from sources believed to be reliable. 3i Infotech disclaims all warranties as to the accuracy, completeness or adequacy of such information. This disclaimer applies to both isolated and aggregate uses of the information and/or opinion. Neither the Company nor any of its employees assumes any responsibility for anyone’s use of the information/opinion.