Discuss in detail the responsibilities of Banks under the PMLA, 2002 a

Question

Discuss in detail the responsibilities of Banks under the PMLA, 2002 and KYC guidelines

06 Feb 2021

Answer :

Word Count : 435

The responsibilities of Banks under the PMLA, 2002 are -

As per Rule 9, every reporting entity shall at the time of commencement of an account-based relationship, identify its clients, verify their identity and obtain information on the purpose and intended nature of the business relationship.

Intermediaries like stock broker, chit fund company, cooperative bank, housing finance institution and non-banking finance companies are also classified as reporting entities.

Biometric identification number Aadhaar and other official documents are required to be obtained by the reporting entities from anyone ____ ___ _________ _________ ________ ______ ___ ____ ___.
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