What is reporting of Suspicious Transactions by Banks under PMLA?
Rule 2(1)(g) of the Prevention of Money Laundering Act of 2002 (PMLA-2002) defines suspicious transactions as “A transaction whether or not made in cash which, to a person acting in good faith- (a) gives rise to a reasonable ground of suspicion that it may involve the proceeds of crime; or (b) appears to be made…