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What are the obligations for verifying identity of clients under PMLA?

April 26, 2017clients identity obligations pmla verifying

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What are the obligations for verifying identity of clients under PMLA?

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Section 12 of the Prevention of Money Laundering Act, 2002, requires every banking company, financial institution and intermediary to verify and maintain the records of the identity of all its clients, as prescribed by rule 9 of the Rules notified by Notification No.9/2005 dated 1/7/2005.