Govt. Revises Prevention of Money-Laundering Rules to Enforce Stringent KYC Updates by Reporting Entities

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By Taxmann
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Last Updated on 22 July, 2024

Prevention of Money-Laundering Rules

Notification No. G.S.R 419(E); Dated: 19.07.2024

Govt. has notified Prevention of Money Laundering (Maintenance of Records) Amendment Rules, 2024. As per amended norms, the reporting entity must seek the KYC Identifier or retrieve the KYC Identifier from the Central KYC Records Registry for client identity verification or ongoing due diligence. Also, the client must only be required to submit KYC records or additional documents if the validity period of downloaded documents has lapsed or the KYC information retrieved needs to be completed.

Click Here To Read The Full Notification

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