https://www.taxtmi.com/article/detailed?id=11419 The 3 May 2023 notification designates specified financial transactions carried out by practising chartered accountants, company secretaries and cost and management accountants as activities under section 2(1)(sa)(vi), thereby bringing those professionals within the definition of reporting entity under the PMLA. As reporting entities they must verify client and beneficial owner identity (section 11A), maintain transactional and identity records (section 12) with statutory retention, apply enhanced due diligence for specified transactions (section 12AA), and furnish records to the Director on request (section 12A); non compliance attracts inquiry, audit and monetary penalties under sections 13 and 50. en-us Sat, 20 May 2023 11:54:40 +0530 Sat, 20 May 2023 11:54:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11419 The 3 May 2023 notification designates specified financial transactions carried out by practising chartered accountants, company secretaries and cost and management accountants as activities under section 2(1)(sa)(vi), thereby bringing those professionals within the definition of reporting entity under the PMLA. As reporting entities they must verify client and beneficial owner identity (section 11A), maintain transactional and identity records (section 12) with statutory retention, apply enhanced due diligence for specified transactions (section 12AA), and furnish records to the Director on request (section 12A); non compliance attracts inquiry, audit and monetary penalties under sections 13 and 50. Articles Other Topics Sat, 20 May 2023 11:54:40 +0530 https://www.taxtmi.com/article/detailed?id=11419