TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Finance Bill 2019 introduces Section 12AA to enhance due diligence in money laundering prevention, mandates Aadhaar-based client verification.</h1> The Finance (No. 2) Bill, 2019, proposes amendments to the Prevention of Money-Laundering Act, 2002, including the insertion of Section 12AA, which mandates enhanced due diligence for reporting entities before specified transactions. Entities must verify client identities via Aadhaar authentication or other prescribed methods, assess ownership and financial status, and document transaction purposes. Non-compliance by clients prevents transaction execution. Suspicious transactions require increased monitoring. Information from due diligence must be retained for five years. The bill also proposes creating an Inter Ministerial Coordination Committee for Anti-Money Laundering and Countering Financing of Terrorism, aligning with Financial Action Task Force standards.
TaxTMI 
TaxTMI 
