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16.15 Declaration Regarding Importing of Cash (DRIC)

N 35/2018 STA
  1. 16.15.1The Licensed Person must comply with the Cash Declaration Regulations dated 09th January 2011 and any subsequent amendments thereto;
  2. 16.15.2The Licensed Person must collect and retain the original DRIC if the customer exchanges the full amount as stated in the DRIC;
  3. 16.15.3In case the customer exchanges only part of the total amount stated in the DRIC, then the actual amount of currency exchanged by the Licensed Person must be endorsed on the original DRIC under the signature of the employee who carries out the KYC process and under the official stamp of the Licensed Person. In such cases, the original DRIC can be returned to the customer, but its copy after endorsement must be retained with the Licensed Person;
  4. 16.15.4In case the amount of any partial exchange is endorsed on a DRIC, the Licensed Person who accepts such DRIC must exchange only the balance of the amount of currencies to ensure that the total amount of currency exchanged by the customer using the same DRIC does not exceed the total value stated in the DRIC; and
  5. 16.15.5The DRIC form collected from a customer must not be treated as evidence for the source of funds or the purpose of a transaction. Appropriate due diligence procedures must be conducted and supporting documents as evidence for the source of funds or purpose of transaction must be collected whenever and wherever necessary.