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of <h1>Central Government Updates Money Laundering Rules: New Group-Wide Compliance and Enhanced Client Verification Required.</h1> The Central Government has amended the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, effective upon publication. Key changes include the requirement for reporting entities within a group to implement group-wide anti-money laundering and terror financing programs, ensuring confidentiality and preventing tipping-off. Reporting entities must promptly report suspicious transactions and maintain confidentiality of records. Entities are required to verify client identities using reliable sources and understand the nature of their business and ownership. The amendments also address verification of beneficial owners, especially in international transactions, and emphasize updating client due diligence information, particularly in high-risk scenarios.
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