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What is the fine for not complying with the obligations regarding identity of clients?

April 26, 2017clients complying Fine identity obligations

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What is the fine for not complying with the obligations regarding identity of clients?

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As per section 13 of the Prevention of Money Laundering Act, 2002, if the Director, FIU-IND finds that any banking company, financial institution or intermediary has failed to comply with the obligations of regarding identity of clients then, he may levy a fine from ten thousand rupees upto one lakh rupees for each failure.