Enhanced due diligence requires reporting entities to authenticate identity, examine sources of funds, and increase monitoring. Enhanced due diligence requires reporting entities, before each specified transaction, to authenticate client identity (primarily via Aadhaar authentication or a prescribed alternative), examine ownership and sources of funds, and record the transaction purpose and intended relationship; failure to satisfy these conditions bars the transaction. Where transactions appear suspicious or likely to involve proceeds of crime, reporting entities must increase future monitoring and scrutiny. Information obtained under these measures must be retained for five years. The Bill also defines specified transactions by category and proposes related amendments and coordination and rule-making provisions.
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Provisions expressly mentioned in the judgment/order text.
Enhanced due diligence requires reporting entities to authenticate identity, examine sources of funds, and increase monitoring.
Enhanced due diligence requires reporting entities, before each specified transaction, to authenticate client identity (primarily via Aadhaar authentication or a prescribed alternative), examine ownership and sources of funds, and record the transaction purpose and intended relationship; failure to satisfy these conditions bars the transaction. Where transactions appear suspicious or likely to involve proceeds of crime, reporting entities must increase future monitoring and scrutiny. Information obtained under these measures must be retained for five years. The Bill also defines specified transactions by category and proposes related amendments and coordination and rule-making provisions.
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