Prevention of Money Laundering Act, 2002
Section - 12AA - Enhanced due diligence
[Enhanced due diligence.12AA. (1) Every reporting entity shall, prior to the commencement of each specified transaction,-
| (a) | - | verify the identity of the clients undertaking such specified transaction by authentication under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (18 of 2016) in such manner and subject to such conditions, as may be prescribed: |
| - | Provided that where verification requires authentication of a person who is not entitled to obtain an Aadhaar number under the provisions of the said Act, verification to authenticate the identity of the client undertaking such specified transaction shall be carried out by such other process or mode, as may be prescribed; | |
| (b) | - | take additional steps to examine the ownership and financial position, including sources of funds of the client, in such manner as may be prescribed; |
| (c) | - | .... To read the full section download the app from Google Play store
24 October 2026
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