Regulatory scope expanded: CBIC now supervises dealers in precious metals, precious stones and real estate agents under PMLA rules.
The amendment substitutes rule 2(1)(fa)(iii) to specify CBIC oversight for dealers in precious metals and precious stones and inserts a new rule 2(1)(fa)(iv) extending CBIC oversight to real estate agents; the rules are titled as the Fourth Amendment Rules, 2020 and commence on publication in the Official Gazette under the powers conferred by section 73 of the Prevention of Money laundering Act, 2002.

Designation of dealers in precious metals and stones as reporting entities for large cash transactions and linked operations.
The Central Government notifies dealers in precious metals and precious stones as persons carrying on designated businesses or professions under the Prevention of Money laundering Act when they engage in cash transactions with a customer equal to or above the prescribed monetary threshold, executed in a single operation or in several operations that appear to be linked, thereby bringing them within the reporting and compliance framework applicable to designated businesses.

Designation of Real Estate Agents as persons carrying on designated businesses or professions with turnover threshold after prior notification rescinded.
The Central Government rescinds Notification No. 8/2017 and notifies Real Estate Agents who provide services in relation to sale or purchase of real estate and meet the prescribed annual turnover threshold as persons carrying on designated businesses or professions under the Prevention of Money laundering Act, subject to a savings clause preserving prior acts or omissions.

Aadhaar authentication service notified under PMLA, authorising a reporting entity to perform authentication subject to privacy and security compliance.
The Central Government, satisfied that the reporting entity complies with privacy and security standards of the Aadhaar Act and after consultation with the Unique Identification Authority and the regulatory authority, notifies the named reporting entity to undertake Aadhaar authentication service under the Prevention of Money laundering Act, subject to those privacy and security requirements.

Addition of Central Economic Intelligence Bureau: notification amends designated agencies list under PMLA enabling CEIB inclusion.
The Central Government amends the existing Gazette notification under the Prevention of Money Laundering Act by inserting Central Economic Intelligence Bureau as a new serial entry immediately after the existing ninth entry; the operative insertion reads: "(10) Central Economic Intelligence Bureau."

Aadhaar authentication service authorized for a specified reporting entity under PMLA to enable biometric identity verification for compliance.
The Central Government notifies a named reporting entity to undertake Aadhaar authentication service under the Prevention of Money laundering Act after concluding the entity complies with Aadhaar Act privacy and security standards and following consultation with the Unique Identification Authority of India and the regulatory authority, thereby authorizing Aadhaar-based authentication for the entity's reporting and compliance functions.

Aadhaar authentication requirement: specified insurers must adopt Aadhaar authentication where privacy and security standards are met.
Notification under section 11A of the Prevention of Money laundering Act requires specified insurance reporting entities to undertake Aadhaar authentication services, conditioned on the Central Government's satisfaction that those entities meet the privacy and security standards under the Aadhaar law and following consultation with the Unique Identification Authority and the insurance regulator.

Extension of small account operational period under PMLA rules extended to a later specified date.
The Central Government, exercising the power in clause (iiia) of sub rule (5) of the Maintenance of Records Rules under the Prevention of Money Laundering framework, issued a notification extending the period for which small account shall remain operational, as recorded by the Ministry of Finance, Department of Revenue notification.

Aadhaar authentication requirement for specified reporting entities to perform UID authentication under the PMLA compliance framework.
The Central Government, exercising powers under sub section (1) of section 11A of the Prevention of Money laundering Act, notifies specified reporting entities in the insurance sector to undertake Aadhaar authentication service of the Unique Identification system, having been satisfied that those entities comply with privacy and security standards under the Aadhaar Act and after consultation with the Unique Identification Authority and the relevant regulatory authority.

Aadhaar authentication service authorised for specified securities reporting entities to verify identity under PMLA.
Notification authorises specified securities market reporting entities to undertake Aadhaar authentication service for identity verification under section 11A of the Prevention of Money laundering Act, 2002, following satisfaction that those entities comply with privacy and security standards under the Aadhaar Act and after consultation with the Unique Identification Authority and the regulatory authority.

Record retention requirements under PMLA amended to specify applicable months for certain transactional categories and reporting quarter.
The amendment substitutes the wording governing record retention periods to require that records for transactions in specified clauses (A), (B), (BA), (C) and (E) be maintained for the months of March, April and May 2020, and records for transactions in clause (F) for the quarter January-March 2020; the rules take effect on publication in the Official Gazette.

Reporting Officer deadline established for furnishing specified PMLA records by a mandated submission date.
An amendment to the Maintenance of Records Rules inserts a proviso to rule 8 commanding that, notwithstanding the timeframes in sub rules (1) and (3), the Reporting Officer shall furnish the specified information by the prescribed deadline, creating an overriding submission requirement and prioritising that due date over the ordinary timing provisions of the rule.

Small account operational extension allows continued activity through a notified transitional period under amended PMLA record rules.
The Central Government amends the Maintenance of Records Rules, 2005 to permit a small account to remain operational for a specified transitional period by inserting a clause in the proviso to sub rule (5) of rule 9; the amendment overrides the prior proviso for that period and allows further periods as notified, with the rules coming into force on publication in the Official Gazette.

Special Court designation under PMLA secures a designated forum for trial of money laundering offences.
The Central Government, exercising the power under section 43(1) of the Prevention of Money Laundering Act, 2002 and after consultation with the High Court, designates a Special Court to deal with and try offences under the Act and all matters connected thereto, superseding earlier notifications and applying to matters arising from the referenced fraud matter from the operative date.

Inter-Ministerial Co-ordination Committee membership notified: Director of CBI appointed as member under section 72A PMLA.
Notification under section 72A of the Prevention of Money Laundering Act designates the Director of the Central Bureau of Investigation as a member of the Inter Ministerial Co ordination Committee, amending the committee membership established by an earlier Gazette notification and issued by the Department of Revenue.