PMLA 2002

Reporting entities such as banking institutions, financial institutions, intermediaries, etc., have various obligations to maintain records, access information, and conduct due diligence to prevent money laundering and terrorist financing activities. This comprehensive guide will provide a clear understanding of due diligence requirements for reporting entities. Obligations of Reporting Entities Section 12, 12A, and 12AA of […]

The Prevention of Money Laundering Act, 2002 (PMLA) was enacted to prevent and control money laundering and related activities. The PMLA defines money laundering as a process whereby proceeds of crime are converted into legitimate assets. The PMLA requires that every reporting entity such as banking institutions, financial institutions, intermediaries, etc., maintain records, access to

In today’s world, financial transactions are increasing day by day, which has given rise to money laundering and terrorist financing activities. To counter such activities, the government has introduced laws and regulations to prevent and deter money laundering and terrorist financing activities. One such law is the Prevention of Money Laundering Act (PMLA), which requires

The Finance Act of 2019 has brought significant changes in the reporting requirements of financial institutions and intermediaries. The amendments have been made to the Prevention of Money Laundering Act, 2002 (PMLA), which aims to prevent money laundering and terrorist financing. In this article, we will explore the obligations of reporting entities, including banking institutions,