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  • Mar 10, 2023
  • Reporting norms under PMLA tightened

    The finance ministry has widened the scope of the Prevention of Money Laundering Act by tightening reporting norms of “non-profit organisations” and as well as the rules relating to beneficial ownership.

    The changes have been brought through a notification amending the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, which prescribes that reporting entities such as banks, financial institutions and intermediaries have to maintain records of all transactions of its clients, verify its clients and furnish information.