The Ministry of Finance recently issued a notification, extending the scope of the Prevention of Money-laundering Act, 2002 to individuals such as directors, secretaries, partners, trustees, and formation agents, when acting on behalf of or for another person.
Such individuals, when performing certain specified activities, will now fall within the definition of “reporting entity” under the Act, and consequently, will be required to comply with the requirements under the Act and the appurtenant rules, such as client identity verification, records maintenance, and enhanced diligence.
Our Senior Associate Param Gupta, has examined the notification and the consequences thereof in the article featured on Mondaq.
Read the full article below:
https://lnkd.in/d389uwXx
