https://www.taxtmi.com/notifications?id=119706 The 2013 amendments expand obligations on reporting entities under the PMLA by redefining terms, creating the Designated Director role for compliance, broadening the definition of transaction, and requiring robust client due diligence, documented risk assessments and a Client Due Diligence Programme. Reporting entities must maintain detailed transaction and identity records, detect and report specified transactions (including cross border transfers and high value property dealings) to the Director within prescribed timelines, and follow regulator prescribed procedures for record maintenance, reporting and audits. en-us Tue, 27 Aug 2013 00:00:00 +0530 Thu, 24 Nov 2016 14:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=119706 The 2013 amendments expand obligations on reporting entities under the PMLA by redefining terms, creating the Designated Director role for compliance, broadening the definition of transaction, and requiring robust client due diligence, documented risk assessments and a Client Due Diligence Programme. Reporting entities must maintain detailed transaction and identity records, detect and report specified transactions (including cross border transfers and high value property dealings) to the Director within prescribed timelines, and follow regulator prescribed procedures for record maintenance, reporting and audits. Notifications Money Laundering Tue, 27 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/notifications?id=119706