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CA Final Law-PMLA 2002

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(Querist)
08 January 2020 Hello Dear Experts,

I have query in Prevention of Money Laundering Act,2002-

Section 12 speaks about Obligations of Banking Companies, Financial Institutions and Intermediaries- and it is stating that Reporting Entity have few obligations to comply with.

My query is- Who are all the Reporting Entity here.

As per definition of Reporting Entity in PMLA 2002 - It includes - Banking Companies, Financial Institutions, Intermediaries or SPECIFIED BUSINESS/PROFESSION.

So do these obligations and the penalty that director can impose for failure to comply with obligations for Reporting Authority applicable to Specified Business/Profession as well.

Please advice.

Thank You
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
05 February 2020 Yes, You are correct.
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