SEBI has issued updated guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) for securities market intermediaries under the Prevention of Money Laundering Act, 2002. These guidelines mandate that all intermediaries adhere to client account opening procedures, maintain records, and report transactions as prescribed. The guidelines also extend to branches and subsidiaries abroad, especially in countries with insufficient AML/CFT measures. Intermediaries must comply with the detailed procedures and may implement additional disclosures to address money laundering and suspicious transactions. This Master Circular rescinds previous circulars and supersedes the Master Circular dated February 3, 2023.
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