Beneficial ownership identification under PMLA Rules mandates look through KYC and risk based periodic review with secured data access. Identification and verification of beneficial owners for Category II and III FPIs must follow Rule 9 of the PMLA Rules: FPIs must maintain a certified list of BOs (Annexure A), apply a materiality threshold at the FPI level and on a look through basis to intermediate shareholders/owner entities (with Annexure B disclosures), identify senior managing officials, and disclose ownership or control exercised through voting rights, agreements or arrangements. Enhanced due diligence applies to FPIs from high risk jurisdictions and Category III FPIs must furnish prescribed financial data; periodic, risk based KYC reviews and secured KRA access to BO data are required, with record retention and compliance timelines.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Beneficial ownership identification under PMLA Rules mandates look through KYC and risk based periodic review with secured data access.
Identification and verification of beneficial owners for Category II and III FPIs must follow Rule 9 of the PMLA Rules: FPIs must maintain a certified list of BOs (Annexure A), apply a materiality threshold at the FPI level and on a look through basis to intermediate shareholders/owner entities (with Annexure B disclosures), identify senior managing officials, and disclose ownership or control exercised through voting rights, agreements or arrangements. Enhanced due diligence applies to FPIs from high risk jurisdictions and Category III FPIs must furnish prescribed financial data; periodic, risk based KYC reviews and secured KRA access to BO data are required, with record retention and compliance timelines.
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