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Banks play a critical role in the prevention of money laundering and terrorist financing under the Prevention of Money Laundering Act, 2002 (PMLA) and associated Know Your Customer (KYC) guidelines. Their responsibilities are multi-faceted, encompassing customer identification, monitoring of transactions, reporting of suspicious activities, record maintenance, and adherence to regulatory compliance frameworks. Under PMLA, banks are obligated to adopt stringent measures to ensure that their services are not misused for laundering illicit proceeds. This begins with proper customer due diligence (CDD), which involves obtaining and verifying accurate information about the identity, address, and ________ _________ ___ _____ _________.
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