Person carrying on designated business or profession: insurance brokers licensed under IRDA regulations are deemed included under PMLA. Entities licensed to perform the functions specified in regulation 3, regulation 4 or regulation 5 of the Insurance Broker Regulations are deemed to be a person carrying on designated business or profession for the purposes of the Prevention of Money-Laundering Act, bringing them within the Act's regulatory and compliance ambit.
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.
Person carrying on designated business or profession: insurance brokers licensed under IRDA regulations are deemed included under PMLA.
Entities licensed to perform the functions specified in regulation 3, regulation 4 or regulation 5 of the Insurance Broker Regulations are deemed to be a person carrying on designated business or profession for the purposes of the Prevention of Money-Laundering Act, bringing them within the Act's regulatory and compliance ambit.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
