TaxTMI 
TaxTMI 
Role and Responsibilities of Reporting Entities under PMLA
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....entity is introduced w.e.f. w.e.f. 15-2-2013 to the PMLA, 2002 Who are the reporting entities under PMLA? - Discussed in detail separately as: Reporting Entity under Prevention of Money Laundering Act, 2002 (PMLA) Role and Responsibilities of Reporting Entities under PMLA * Verification of identity by reporting entity Section 11A of the PMLA, 2002 puts burden on the Reporting Entity to verify....
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....12A of the PMLA, 2002 empowers the Director (designated officer) to call for from any reporting entity any of the records and any additional information as he considers necessary for the purposes of this Act. Reporting entity has to comply with the directions and shall keep the information sought by the Director as confidential. * Enhanced due diligence - Before entering into the specified tran....
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....relationship with the client, including greater scrutiny or transactions in such manner as may be prescribed. * PML (MAINTENANCE OF RECORDS) RULES, 2005 Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 Central Government has framed rules for maintenance of records of the nature and value of transactions, the procedure and manner of maintaining and time for furnishing of info....
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....ion that it is necessary to do so, he may direct the concerned reporting entity to get its records, as may be specified, audited by an accountant (chartered accountant) from amongst a panel of accountants, maintained by the Central Government for this purpose. Cost of the Audit shall be born by the Central Government. * Levy of Fine or Taking action against the Reporting Entity If the Direct....