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of <h1>Enhanced Due Diligence Required Under Section 12AA of PMLA for High-Risk Transactions and Client Verification</h1> Section 12AA of the Prevention of Money-Laundering Act, 2002 mandates enhanced due diligence by reporting entities before specified transactions. Entities must verify client identities through Aadhaar authentication or alternative methods if Aadhaar is not applicable. They must also assess the client's ownership, financial status, and transaction purpose. If clients fail to meet these requirements, transactions are prohibited. Suspicious transactions require increased monitoring. Information gathered must be retained for five years. Specified transactions include large cash withdrawals or deposits, foreign exchange dealings, high-value imports or remittances, and other high-risk transactions as prescribed.
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