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PMLA - Highlights / Catch Notes

Home Highlights July 2024 Year 2024 This

Central Government amends Prevention of Money-laundering ...


Reporting entities must obtain KYC Identifier, retrieve & update KYC records from Central Registry for client due diligence.

Notifications     Money Laundering

July 22, 2024

Central Government amends Prevention of Money-laundering (Maintenance of Records) Rules, 2005 regarding client due diligence. Reporting entities must obtain KYC Identifier from client or Central KYC Records Registry and retrieve KYC records online, unless specified exceptions apply. Updates in client's KYC record informed by Registry must be retrieved and incorporated by reporting entity within prescribed timeline. Provisions for retrieval and utilization of KYC records from Registry also introduced.

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