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Prevention of Money Laundering
Anti Money Laundering/Combating of Financing Terrorist Activities norms applicable on National Savings Schemes
Ministry of Finance, Government of India has laid down the norms under AML/CFT to be applicable on National Savings Schemes. These have been further amended vide notification GSR No.1003(E) dated 5th October, 2018. Further National Savings Institute has been designated to act as inspection wing of Ministry of Finance, Budget Division to ensure compliance of laid down norms in Department of Posts.
KYC documents to be obtained at the time of opening of account:
-
The aadhar number issued by Unique Identification Authority of India. If the same is not available, an individual shall furnish proof of application of enrolment for aadhar. If both these things are not available, any of the following ‘officially valid document’:
-
Passport
- Driving license
- Voter’s Identity card
- Job card issued under MGNREGA
- Letter issued under National Population Register
-
Copy of PAN card
If PAN card is not available, Form-60 and in such case copy of PAN shall be submitted within a period of six months failing which the account shall cease to be operational.
- Recent Passport size photograph.
- In case of SSA account, birth certificate is to be submitted. Proof of age of minor in case of rest of the account.
- Proof of source of fund if the investment is beyond the prescribed limit.
- If the address mentioned in aadhar card or any of the ‘officially valid document’ does not contain the present address, the following may be submitted as proof of present address:
-
Utility bill not older than two months
- Municipal Tax receipt
- Pension or family pension payment order
- Letter of allotment of accommodation
In such cases, copy of aadhar card or ‘officially valid documents’ with present address is to be submitted within three months of opening of account.
National Savings Institute as an inspection wing of Department of Economic Affairs conducts second inspection of Post offices to check the status of compliance of AML/CFT norms applicable on Small Savings Schemes.
The number of Post Offices inspected in the last 5 years is given in the table below:
|
S.No.
|
Year
|
No. Of post offices inspected
|
Non-compliant
|
|
1
|
2014-2015
|
785
|
5
|
|
2
|
2015-2016
|
771
|
4
|
|
3
|
2016-2017
|
305
|
3
|
|
4
|
2017-2018
|
287
|
1
|
|
5
|
2018-2019 (upto Dec.18)
|
285
|
0
|
|
| |