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of <h1>Amendments to 2005 Money-laundering Rules: Enhanced Due Diligence, Beneficial Owner Verification, and Compliance Obligations for Financial Entities.</h1> The circular addresses amendments to the Prevention of Money-laundering Rules, 2005, emphasizing the obligations of authorized persons, including banking companies, financial institutions, and intermediaries. Key amendments include the requirement to identify and verify the beneficial owners of clients, conduct ongoing due diligence, and prohibit anonymous or fictitious accounts. Institutions must review due diligence measures if there are suspicions of money laundering or terrorism financing. Compliance with these rules is mandatory, and failure to adhere will be considered a violation of the Reserve Bank of India's directives under the Foreign Exchange Management Act, 1999.
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