https://www.taxtmi.com/circulars?id=8439 Amendments require banking companies, financial institutions and intermediaries to identify and verify beneficial owners, exercise ongoing due diligence, closely examine transactions for consistency with client profiles and verify source of funds where necessary; prohibit anonymous or fictitious accounts; mandate re verification and enhanced measures upon suspicion of money laundering or terrorism financing; and clarify that identity records include identification data, account files and business correspondence, while cessation of transactions means termination of an account or business relationship. en-us Mon, 13 Dec 2010 00:00:00 +0530 Mon, 13 Dec 2010 21:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8439 Amendments require banking companies, financial institutions and intermediaries to identify and verify beneficial owners, exercise ongoing due diligence, closely examine transactions for consistency with client profiles and verify source of funds where necessary; prohibit anonymous or fictitious accounts; mandate re verification and enhanced measures upon suspicion of money laundering or terrorism financing; and clarify that identity records include identification data, account files and business correspondence, while cessation of transactions means termination of an account or business relationship. Circulars FEMA Mon, 13 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8439