CA Final Law-PMLA 2002
This query is : Resolved
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
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
05 February 2020
Yes, You are correct.
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