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The Ministry of Finance issued a notification u/s 11A of the Prevention of Money-laundering Act, 2002, permitting reporting entities to conduct Aadhaar authentication for compliance. The Central Government, after consultation with UIDAI and RBI, allowed entities like IIFCO Kisan Finance Limited, L&T Finance Limited, and Wheels EMI Private Limited to verify identity u/s 11A. This notification ensures compliance with privacy and security standards u/s 18 of the Aadhaar Act, enhancing the effectiveness of anti-money laundering measures.
The Ministry of Finance issued a notification u/s 11A of the Prevention of Money-laundering Act, 2002, permitting reporting entities to conduct Aadhaar authentication for compliance. The Central Government, after consultation with UIDAI and RBI, allowed entities like IIFCO Kisan Finance Limited, L&T Finance Limited, and Wheels EMI Private Limited to verify identity u/s 11A. This notification ensures compliance with privacy and security standards u/s 18 of the Aadhaar Act, enhancing the effectiveness of anti-money laundering measures.
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