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TMI BlogReporting Entity under Prevention of Money Laundering Act, 2002 (PMLA)X X X X Extracts X X X X X X X X Extracts X X X X ..... of property derived from, Or involved in money-laundering and to punish those who commit the offence. Defination of Money Laundering Means any act of acquiring untainted property or disguising financial assets According to Section 3 Read with rule 2 of Prevention of Money Laundering Act whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or is actually involved in any process or activity connected with the proceeds of crime including its concealment, possession, acquisition or use and projecting or claiming it as untainted property shall be guilty of offence of money Laundering. Money laundering involves disguising financial assets so that they can be used ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the desired goal, the concept of reporting entity is introduced w.e.f. w.e.f. 15-2-2013 to the PMLA, 2002 Accordingly, clause (wa) to section 2(1) read as:- (wa) reporting entity means a banking company, financial institution, intermediary or a person carrying on a designated business or profession; Thus, as per clause (wa) the following persons are made reporting entity under PMLA a banking company (see clause (e)) a financial institution (see clause (i)) an intermediary (see clause (n)) a person carrying on a designated business or profession ( see clause (sa) hereinbelow:) Simultaneously, clause (sa) inserted to section 2(1) to define the scope and meaning of person carrying on des ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rules made thereunder shall be deemed to be a person carrying on designated business or profession 2. Notification No. 2/2015 dated 15-4-2015 (Issued u/s 2(1)(sa)(vi) ) any person, licensed by the Insurance Regulatory and Development Authority to perform the functions as specified in regulation 3 or regulation 4 or regulation 5 of the Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2002, shall be deemed to be a person carrying on designated business or profession 3. Notification no. 3/2015 dated 17-4-2015 (Issued u/s 2(1)(sa)(ii) ) a Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908 (16 of 1908 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g on designated business or profession . 7. Notification dated 28-12-2020 (Issued u/s 2(1)(sa)(iv) ) the dealers in precious metals, precious stones as persons carrying on designated businesses or professions if they engage in any cash transactions with a customer equal to or above Rupees ten lakhs, carried out in a single operation or in several operations that appear to be linked. 8. Notification dated 28-12-2020 (Issued u/s 2(1)(sa)(iv) ) From 28-12-2020 to 28-11-2022 the Real Estate Agents , as a person engaged in providing services in relation to sale or purchase of real estate and having annual turnover of Rupees twenty lakhs or a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gital assets; and (v) participation in and provision of financial services related to an issuer s offer and sale of a virtual digital asset. Explanation :- For the purposes of this notification virtual digital asset shall have the same meaning assigned to it in clause (47A) of section 2 of the Income-tax Act, 1961 (43 of 1961) . 11. Notification dated 3-5-2023 (Issued u/s 2(1)(sa)(vi) ) Practicing CA, CS, CWA included in the list as: the financial transactions carried out by a relevant person on behalf of his client, in the course of his or her profession, in relation to the following activities- (i) buying and selling of any immovable property; (ii) managing of client money, securi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d out in the course of business on behalf of or for another person, as the case may be, as an activity for the purposes of said sub-clause, namely:- (i) acting as a formation agent of companies and limited liability partnerships; (ii) acting as (or arranging for another person to act as) a director or secretary of a company, a partner of a firm or a similar position in relation to other companies and limited liability partnerships; (iii) providing a registered office, business address or accommodation, correspondence or administrative address for a company or a limited liability partnership or a trust; (iv) acting as (or arranging for another person to act as) a trustee of an express trust or performing the equivalent function f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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