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Enhanced due diligence requires Aadhaar-based identity verification and stricter scrutiny before specified high-risk transactions. A new enhanced due diligence regime requires reporting entities, before each specified transaction, to verify client identity by Aadhaar authentication or prescribed alternative, examine ownership, financial position and sources of funds, and record transaction purpose and intended relationship. If the client fails to meet these requirements, the transaction must not proceed. Suspicious specified transactions warrant increased monitoring and scrutiny. Information obtained under these measures must be retained for five years. Specified transactions include large cash deposits/withdrawals, large foreign exchange transactions, high-value imports or remittances, and other prescribed high-risk transactions.
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<h1>Enhanced due diligence requires Aadhaar-based identity verification and stricter scrutiny before specified high-risk transactions.</h1> A new enhanced due diligence regime requires reporting entities, before each specified transaction, to verify client identity by Aadhaar authentication or prescribed alternative, examine ownership, financial position and sources of funds, and record transaction purpose and intended relationship. If the client fails to meet these requirements, the transaction must not proceed. Suspicious specified transactions warrant increased monitoring and scrutiny. Information obtained under these measures must be retained for five years. Specified transactions include large cash deposits/withdrawals, large foreign exchange transactions, high-value imports or remittances, and other prescribed high-risk transactions.
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