https://www.taxtmi.com/notifications?id=119707 Amendments require institutions to adopt enhanced KYC and due-diligence measures: identify and verify clients at account commencement, verify identity for specified transactions and international transfers, identify and verify beneficial owners, exercise ongoing due diligence, prohibit anonymous or fictitious accounts, and implement a Client Identification Programme. The rules broaden the definition of suspicious transaction to include transactions suggesting proceeds of scheduled offences, unusual complexity, lack of economic rationale, or potential terrorism financing, add definitions for non profit organisation and Regulator, mandate reporting of significant receipts by non-profits, require long-term retention of transaction records, and substitute agency-specific references with "its Regulator." en-us Thu, 12 Nov 2009 00:00:00 +0530 Tue, 09 May 2023 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=119707 Amendments require institutions to adopt enhanced KYC and due-diligence measures: identify and verify clients at account commencement, verify identity for specified transactions and international transfers, identify and verify beneficial owners, exercise ongoing due diligence, prohibit anonymous or fictitious accounts, and implement a Client Identification Programme. The rules broaden the definition of suspicious transaction to include transactions suggesting proceeds of scheduled offences, unusual complexity, lack of economic rationale, or potential terrorism financing, add definitions for non profit organisation and Regulator, mandate reporting of significant receipts by non-profits, require long-term retention of transaction records, and substitute agency-specific references with "its Regulator." Notifications Money Laundering Thu, 12 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/notifications?id=119707