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of <h1>New Amendment to Money-laundering Rules: Defines Terrorism Financing, Requires Beneficial Owner ID, Bans Anonymous Accounts.</h1> The Central Government, in consultation with the Reserve Bank of India, has amended the Prevention of Money-laundering Rules, 2005, through the Second Amendment Rules, 2010. Key changes include defining transactions related to terrorism financing, requiring financial entities to identify beneficial owners and verify their identities, ensuring ongoing due diligence in client relationships, prohibiting anonymous or fictitious accounts, and mandating reviews in cases of suspected money laundering or terrorism financing. The amendments also clarify the definition of client identity records and the concept of transaction cessation. These rules take effect upon publication in the Official Gazette.
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