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What is the fine for not complying with the obligations under PMLA?

complying Fine obligations pmla
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What is the fine for not complying with the obligations under PMLA?

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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.

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