New Rules Allow Self-Declaration for Address Change with Aadhaar for Money Laundering Act Compliance.

The Prevention of Money-laundering (Maintenance of Records) Fifth Amendment Rules, 2019, issued by the Ministry of Finance, amends the existing rules under the Prevention of Money-laundering Act, 2002. Effective from its publication date, the amendment introduces a new sub-rule allowing clients who have provided their Aadhaar number for identification to submit a self-declaration if they wish to use a current address different from the one recorded in the Central Identities Data Repository. This change aims to update the address information for clients in the records maintained by reporting entities.