Who is a Beneficial Owner (BO) in terms of PML act?
The Regulated Entities (RE) like banks required to follow certain customer identification procedures while undertaking a transaction either by establishing an account-based relationship or otherwise and monitor their transactions. This is to adhere the rules and regulations in terms of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005. …