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of <h1>Director Can Audit Reporting Entities Under Prevention of Money-Laundering Act; Fines Up to One Lakh Rupees for Violations.</h1> Under the Prevention of Money-Laundering Act, 2002, the Director has the authority to conduct inquiries regarding the obligations of reporting entities. If necessary, the Director can order an audit of records by a government-approved accountant, with expenses covered by the Central Government. If a reporting entity or its personnel fail to meet obligations, the Director may issue warnings, give directives, require regular reports, or impose fines ranging from ten thousand to one lakh rupees per violation. The Director must send a copy of any order to all involved parties, including banks, financial institutions, or intermediaries.
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