Is every banking company, financial institution and intermediary obliged to furnish information under PMLA, 2002 to FIU-IND?
Yes. Section 12 of the Prevention of Money Laundering Act, 2002, casts an obligation on every banking company, financial institution and intermediary to furnish information on all transactions referred to in Rule 3 of the Rules notified by Notification No.9/2005 to the Director within the time prescribed in Rule 8 contained in Notification Nos.9/2005 dated 1-7-2005 and 15/2005 dated 13-12-2005.
Related Questions
- What are the penalties that can be imposed on banking company, financial institution and intermediary for non maintenance of records or non submission of aforesaid information?
- What are the obligations of Banking Companies, Financial Institutions and Intermediaries of securities market in terms of the provisions of PMLA,2002?
- Is every banking company, financial institution and intermediary obliged to furnish information under PMLA, 2002 to FIU-IND?
