NHB revises the Guidelines on Know Your Customer and Anti-Money Laundering Measures for Housing Finance Companies

Apr 17, 2019 | by Avantis RegTech Legal Research Team


The National Housing Bank (NHB) has revised the Guidelines on ‘Know Your Customer’ and ‘Anti-Money Laundering Measures’ for Housing Finance Companies (HFCs) that are to be followed (Page 2). HFCs are advised to amend their existing policy keeping the Guidelines in view with the approval of their Board at the earliest and ensure their strict compliance.

Applicability:

The provisions of these Guidelines will apply to every Housing Finance Company (HFC) regulated by the NHB, except where specifically mentioned otherwise.

These Guidelines are issued under the National Housing Bank Act, 1987 and any contravention of or non-compliance with the same may attract penal consequences under the National Housing Bank Act, 1987.

The Guidelines has come into effect from March 11, 2019.

[Policy Circular No 94/2018-19]

Click here to download the Circular.


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