Professionals are now covered under the purview of PMLA Act 2002

Affluence Advisory | Last updated: 13 May 2023

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The Central Government has amended the Prevention of Money Laundering Act (PMLA) 2002, expanding the definition of 'Persons carrying on Designated Business or Profession'. This means certain professionals, including directors, partners, trustees, and nominee shareholders, are now classified as 'Reporting Entities' requiring compliance with PMLA provisions. These new obligations include rigorous client verification, maintaining transaction records, and reporting suspicious activities, effective from May 4, 2023.

Central Government vide its notification dt: May 3, 2023 and May 9, 2023 has amended the definition of Persons carrying on Designated Business or Profession under Section 2(1)(sa) of Prevention of Money Laundering Act [PMLA]. Section 2(1)(sa)(vi) of PMLA provides power to Central Government to notif

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