ministry of finance

On 4-9-2023, the Ministry of Finance notified the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2023 to amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005.

Key Points:

  1. Rule 2 clause (f) describes the meaning of a “Principal Officer”. The amendment specifies that apart from being an officer designated by a reporting authority, that officer should also be a management level officer.

  2. Rule 9 relating to Client Due Diligence have been revised:

    • Sub-rule (3) clause (b)- In case where the client is a partnership firm, the beneficial owner is the natural person, who acts along/ together through one or more judicial person and has ownership/ entitlement to more than 10% of capital/ profit of the partnership or who exercises control through other means. Here, “Control” includes the right to control the management or policy decision.

    • In case of Trust, the reporting entity shall ensure that trustees disclose their status at the time of commencement of an account based relationship or when carrying out transactions.

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