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of <h1>New Section 12AA in Money-Laundering Act Requires Enhanced Due Diligence for High-Risk Transactions</h1> The amendment to the Prevention of Money-Laundering Act, 2002, introduces Section 12AA, mandating enhanced due diligence for reporting entities before specified transactions. Entities must verify client identities, including Aadhaar authentication, assess ownership and financial standing, and document transaction purposes. If clients fail to meet these requirements, transactions are prohibited. Suspicious transactions necessitate increased monitoring. Information from due diligence must be retained for five years. 'Specified transactions' include significant cash withdrawals or deposits, foreign exchange transactions, high-value imports or remittances, and other high-risk transactions as prescribed.
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