AML: Obligations under International Agreements

PPB

Money laundering is the process wherein criminals attempt to conceal their booty and make an attempt to cover them as a legitimate source of income. The bill on money laundering described it as an offence (i) when a crime has been committed. (ii)There are proceeds or gains from the crime. (iii) There is a transaction…

Obligations of reporting entities under PMLA of 2002

PPB

Section 2[(wa) of PMLA Act 2002, states that a  “reporting entity” means a banking company, financial institution, intermediary, or a person carrying on a designated business or profession. The Ministry of Finance vide notification dated May 03, 2023 (‘Notification’) has widened the ambit of the term “Reporting Entity” as defined in Section 2(1)(wa), read with…