AUDIT OF REPORTING ENTITIES UNDER PMLA, 2002 FROM ANTI MONEY-LAUNDERING, COUNTERING THE FINANCING OF TERRORISM AND COMBATING PROLIFERATION FINANCING PERSPECTIVE
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Anti money laundering compliance: designated dealers and real estate agents face risk based supervision and mandatory AML/CFT/CPF audits. The DG Audit regulates Dealers in Precious Metals and Precious Stones and Real Estate Agents under the PMLA, issuing AML/CFT/CPF guidelines that mandate CDD, EDD, KYC on specified transactions, comprehensive recordkeeping, reporting of specified transactions, internal controls and regular staff training. Sanctions screening under related UAPA and WMDA provisions applies irrespective of thresholds and procedures for action on listed persons are circulated to reporting entities and GST authorities. A risk based supervision framework classifies entities by risk with prescribed audit frequencies; audits are conducted via GST audit authorities using an 18 point checklist covering governance, records, CTR/STR handling, confidentiality, information sharing, third party KYC use and training.
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.
Anti money laundering compliance: designated dealers and real estate agents face risk based supervision and mandatory AML/CFT/CPF audits.
The DG Audit regulates Dealers in Precious Metals and Precious Stones and Real Estate Agents under the PMLA, issuing AML/CFT/CPF guidelines that mandate CDD, EDD, KYC on specified transactions, comprehensive recordkeeping, reporting of specified transactions, internal controls and regular staff training. Sanctions screening under related UAPA and WMDA provisions applies irrespective of thresholds and procedures for action on listed persons are circulated to reporting entities and GST authorities. A risk based supervision framework classifies entities by risk with prescribed audit frequencies; audits are conducted via GST audit authorities using an 18 point checklist covering governance, records, CTR/STR handling, confidentiality, information sharing, third party KYC use and training.
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