What is the fine for not complying with the obligations under PMLA?
Section 13(2) of the Prevention of Money Laundering Act, 2002, empowers the Director, FIU-IND to impose fine on any banking company, financial institution or intermediary for failure to comply with the obligations of maintenance of records, furnishing information and verifying the identity of clients. The amount of fine may vary from ten thousand rupees to one lakh rupees for each failure.
- What are the obligations of Banking Companies, Financial Institutions and Intermediaries of securities market in terms of the provisions of PMLA,2002?
- What is the fine for not complying with the obligations regarding identity of clients?
- What are the obligations for verifying identity of clients under PMLA?