Master Direction on Money Transfer Service Scheme
The Reserve Bank of India (RBI) has issued a Master Direction on the Money Transfer Service Scheme (MTSS), outlining guidelines for Indian agents, overseas principals, and sub-agents.
Indian Agents: Must meet entry norms, submit applications to the RBI, and fulfill collateral requirements. They must also comply with other conditions and criteria for RBI decisions.
Overseas Principals: Must adhere to guidelines outlined in the direction.
Sub Agents: Indian agents can appoint sub-agents, who must undergo due diligence and training. Indian agents must submit information about sub-agents and ensure they comply with reporting, audit, and inspection requirements.
Renewal of Permission: Existing Indian agents must follow guidelines for renewal of permission (authorization).
Inspection: Indian agents are subject to inspection by the RBI.
KYC/ AML/ CFT: The direction includes guidelines for Know Your Customer (KYC), Anti-Money Laundering (AML), and Combating the Financing of Terrorism (CFT).
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Download: Master Direction – Money Transfer Service Scheme (MTSS)(Updated as on February 29, 2024)