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HOW IS MONEY LAUNDERING DEFINED UNDER PMLA 2002?
RBI has instructed all Banks to adopt a KYC/AML Policy
  • To prevent criminal elements from using the Banking system for money laundering activities
  • To enable the Bank to know/understand the customers and their financial dealings better, which in turn would help the Bank to manage risks prudently?
  • To put in place appropriate controls for detection and reporting of suspicious activities in accordance with applicable laws/laid down procedures.
  • To comply with applicable laws and regulatory guidelines.
  • To take necessary steps to ensure that the concerned staff is adequately trained in KYC/AML procedures.
WHAT ARE THE OBLIGATIONS OF BANKS UNDER PMLA 2002?
Section 12 of PML Act 2002, places certain obligations on every banking company, financial institution and intermediary, which include:
  • Maintaining a record of prescribed transactions.
  • Furnishing information of prescribed transactions to the specified authority (Financial Intelligence Unit-India (FIU-IND)
  • Verifying and maintaining records of the identity of its clients.
  • Preserving records in respect of i, ii, iii above, for a period of 10 years from the date of cessation of transactions with the clients.
WHAT IS FINANCIAL INTELLIGENCE UNIT-INDIA (FIU-IND)?
Financial Intelligence Unit-India (FIU-IND) is a central, national agency, set up by Government of India on 18th November,2004, responsible for receiving, processing, analyzing and disseminating the information on all suspicious financial transactions and reported to the competent authorities (Economic Intelligence Council, headed by the Finance Minister)
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