Corrigendum to notification corrects year reference in paragraph one, subparagraph one under PMLA.
Corrigendum effects a textual amendment to the prior statutory notification by substituting the year reference in paragraph 1, sub paragraph (1) of notification G.S.R. 20(E) dated 7 1 2010 so that the previously stated year is read as the corrected year in the notification concerning the Prevention of Money Laundering regime.

Corrigendum to notification: substitution of year 2009 with 2010 in paragraph 1(1) clarifies the reference.
The corrigendum directs that in notification G.S.R. 19(E) dated 7 January 2010, in paragraph 1, sub paragraph (1), the year reference "2009" is to be read as "2010", effecting a purely textual substitution in the ministerial notification.

Corrigendum to notification corrects reference year from 2009 to 2010 in Prevention of Money Laundering notification.
The corrigendum directs that in paragraph 1, sub paragraph (1) of Notification G.S.R. 18(E) dated 7 January 2010, the numeral "2009" shall be read as "2010," thereby correcting the reference year in the Prevention of Money Laundering notification as published in the Gazette of India.

Small account KYC relaxation permits limited monitored savings accounts with conditional verification and remittance restrictions.
The amendments define Designated Officer, expand acceptable identity documents to include job cards and Aadhaar letters, and define small account with prescribed transaction, withdrawal and balance limits; they permit opening such accounts on certified self attested photograph and signature or thumbprint, impose branch and system monitoring requirements, limit the relaxed KYC status to a time bound period subject to evidence of application for full documents, require full identity verification upon suspicion of money laundering or high risk, and prohibit foreign remittances into small accounts unless full identity documents are produced.

Amendment to PMLA notification adding Director General of Foreign Trade to specified authorities under PMLA powers.
Central Government, under clause (ii) of section 66 of the Prevention of Money Laundering Act, amends notification G.S.R. 381(E) dated 27-6-2006 by inserting a new serial entry to identify the Director General of Foreign Trade as an additional authority in the notification, effected by G.S.R. 957(E) dated 7-12-2010.

Prevention of money-laundering: amendment adds State Police Department and Regulator to notification, expanding coverage.
Amendment inserts State Police Department and Regulator into an existing Prevention of Money Laundering notification, the latter being defined by clause (fa) of rule 2 of the Prevention of Money Laundering Records Rules, 2005; the Central Government invoked its amendment powers under the Prevention of Money Laundering Act and cited public interest.

Beneficial owner identification required: financial institutions must verify identities, maintain due diligence and prohibit anonymous accounts.
Financial institutions, banking companies and intermediaries must determine and identify any beneficial owner, verify identities using all reasonable steps, and exercise ongoing due diligence by examining transactions for consistency with the client's business and risk profile and, where necessary, the source of funds. Anonymous, fictitious or undisclosed beneficiary accounts are prohibited. On suspicion of money laundering or terrorism financing, or where prior identification is doubtful, firms must re verify identity, review due diligence measures and obtain information on the purpose and intended nature of the business relationship. Records of identity include identification data, account files and business correspondence.

Customer due diligence: firms must identify beneficial owners, verify identities and re examine relationships on suspicion of illicit financing.
Amendments require institutions to identify and verify beneficial owners, perform ongoing due diligence including scrutiny of transactions and source of funds, and prohibit anonymous, fictitious or undisclosed owner accounts. Where money laundering or terrorist financing is suspected or prior identification is doubted, institutions must re verify client identity and obtain information on the purpose and intended nature of the business relationship. Records of client identity include identification data, account files and business correspondence; cessation of transactions is defined as termination of an account or business relationship.

Appointment of Enforcement Officer as Assistant Director under the Prevention of Money Laundering Act designates PMLA enforcement authority.
The Central Government appoints the Enforcement Officer in the Directorate of Enforcement (appointed under the Foreign Exchange Management Act) as Assistant Director for the purposes of the Prevention of Money Laundering Act, 2002, thereby conferring on that officer the authority to perform functions under the PMLA framework.

PMLA jurisdiction updated to designate adjudicating authorities covering entire territorial units under amended notification.
Amendment under the Prevention of Money-Laundering Act uses powers under section 43(1), after consultation with High Courts, to revise the notification Annexure: it substitutes the entry at serial number 2 to designate the District and Sessions Judge at the relevant seat as the authority for the entire territorial unit, and inserts a new serial entry designating the Court of Additional District and Sessions Judge at the relevant seat as the authority for an additional entire territorial unit.