Foreign investment in AIFs: AML and beneficial owner residency rules require suspension of further capital drawdowns when conditions fail. The investor, or its beneficial owner as determined under the amended Prevention of Money Laundering Rules, must not be on the United Nations Security Council Sanctions List and must not be resident in jurisdictions identified by the Financial Action Task Force as having strategic AML/CFT deficiencies or insufficient progress addressing those deficiencies; if an already on boarded investor fails this condition, the AIF manager must not draw down further capital from that investor until the condition is met.
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.
Foreign investment in AIFs: AML and beneficial owner residency rules require suspension of further capital drawdowns when conditions fail.
The investor, or its beneficial owner as determined under the amended Prevention of Money Laundering Rules, must not be on the United Nations Security Council Sanctions List and must not be resident in jurisdictions identified by the Financial Action Task Force as having strategic AML/CFT deficiencies or insufficient progress addressing those deficiencies; if an already on boarded investor fails this condition, the AIF manager must not draw down further capital from that investor until the condition is met.
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