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TMI BlogAppointment of Agents / Franchisees by Authorised Dealer Category-I banks, Authorised Dealer Category-II and Full Fledged Money Changers– Revised guidelines.X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 04 ] dated March 9, 2009 in terms of which the Guidelines for appointment of Agents / Franchisees by Authorized Dealers Category - I, Authorized Dealers Category - II and FFMCs have been prescribed. 2. Keeping in view the growth in money changing activities undertaken by the agents / franchisees of AD Category-I banks / AD Category II / FFMCs and the issuance of Anti Money Laundering (AML) Guidelines on money changing activities, there is a need to exercise adequate control over the franchisees by the franchisers. Accordingly, it has been decided to amend certain instructions contained in the said A.P. (DIR Series) Circular. The revised instructions are given in the Annex. 3. All the other instructions contained in the A.P.(DIR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ness activities of the agent / franchisee / its position in the area. minimum Net Owned Funds of the agent / franchisee. Shop Establishment / other applicable municipal certification in favour of the agent/ franchisee. verification of physical existence of location of the agent / franchisee, where restricted money changing activities will be conducted. conduct certificate of the agent / franchisee from the local police authorities. declaration regarding past criminal case, if any, cases initiated / pending against the agent / franchisee or its directors / partners by any law enforcing agency, if any. PAN Card of the agent / franchisee and its directors / partners. photographs of the directors / partners ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw enforcing agencies. declaration regarding past criminal case, if any, cases initiated / pending against the agent / franchisee or its directors / partners by any law enforcing agency, if any. PAN Card of the agent / franchisee and its directors / partners. photographs of the directors / partners and the key persons of agent / franchisee. The above checks should be done on a regular basis, at least once in a year. The AD Category I / AD Category II / FFMCs should obtain from the agents / franchisees proper documentary evidence confirming the location of the agents / franchisees in addition to personal visits to the site. The AD Category I / AD Category II / FFMCs should also obtain a Chartered Accountant's certifi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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