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of <h1>New Rule: Section 11A Requires Identity Checks for Money Laundering Prevention; Clients Choose ID Method; No Aadhaar Storage</h1> Section 11A, inserted into the Prevention of Money-Laundering Act, 2002, mandates that reporting entities verify the identity of clients and beneficial owners using specified methods. These include Aadhaar authentication for banking companies, offline Aadhaar verification, passports, or other government-notified identification methods. The Central Government can permit non-banking entities to use Aadhaar authentication with privacy and security compliance. Clients have a voluntary choice of identification method, and services cannot be denied for lack of an Aadhaar number. Biometric data and Aadhaar numbers cannot be stored, and additional safeguards may be imposed by the government.
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