{"id":286669,"date":"2023-03-10T10:00:57","date_gmt":"2023-03-10T04:30:57","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=286669"},"modified":"2023-03-09T16:49:40","modified_gmt":"2023-03-09T11:19:40","slug":"ministry-of-finance-notified-prevention-of-money-laundering-maintenance-of-records-amendment-rules-legal-research-legal-update-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/10\/ministry-of-finance-notified-prevention-of-money-laundering-maintenance-of-records-amendment-rules-legal-research-legal-update-legal-news\/","title":{"rendered":"&#8220;Implementation of Policies by groups&#8221; introduced vide PML (Maintenance of Records) Amendment Rules, 2023"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 7-3-2023, the Ministry of Finance notified the Prevention of Money- laundering (Maintenance of Records) Amendment Rules, 2023 to amend the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002860807\">Prevention of Money-laundering (Maintenance of Records) Rules, 2005<\/a>. The provisions came into effect on 7-3-2023.<\/p>\n<p><b>Key Points:<\/b><\/p>\n<ol>\n<li>\n<p>The definition of &#8220;Group&#8221; has been inserted. It includes a parent entity and all the entities in respect of which, for the reason of ownership or control, a consolidated financial statement for financial reporting purposes,&#8212;<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">(i) is required to be prepared under any law for the time being in force or the accountingstandards of the country or territory of which the parent entity is resident; or<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">(ii) would have been required to be prepared had the equity shares of any of the enterprises were listed on a stock exchange in the country or territory of which the parent entity is resident.<\/p>\n<\/li>\n<li>\n<p>Definition of &#8220;Politically Exposed Persons&#8221; has been introduced.<\/p>\n<\/li>\n<li>\n<p>Rule 3A relating to <b>Implementation of Policies by groups<\/b> has been introduced which says that groups are required to implement group-wide policies for the purpose of discharging obligations under the provisions of Chapter IV (Obligations of Banking Companies, Financial Institutions and Intermediaries) of the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002801311\">Prevention of Money-laundering Act, 2002<\/a>.<\/p>\n<\/li>\n<li>\n<p>Earlier, the &#8220;Controlling ownership interest&#8221; meant ownership of\/ entitlement to more than 25% of shares\/capital\/profits of the company. Now, it has been reduced to 10% of shares\/ capital\/ profits.<\/p>\n<\/li>\n<li>\n<p>In Rule 9, sub-rule (9-A) has been inserted which states that every Banking Company\/ Financial Institution\/ intermediary will have to register the details of a client on the DARPAN Portal of NITI Aayog in case the client is a non-profit organization and maintain the registration records for a period of 5 years.<\/p>\n<\/li>\n<li>\n<p style=\"margin-bottom: 3%;\">In Rule 9, sub-rule (9-B) has also been inserted which states that where the client has submitted any documents, the client is also supposed to submit to the reporting entity any update of such documents within 30 days of updating.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>On 7-3-2023, the Ministry of Finance notified the Prevention of Money- laundering (Maintenance of Records) Amendment Rules, 2023 to amend the Prevention <\/p>\n","protected":false},"author":67515,"featured_media":284863,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[2736,55873,55872,30308],"class_list":["post-286669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-Amendment","tag-maintenance-of-records","tag-pml","tag-rules"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>&#8220;Implementation of Policies by groups&#8221; introduced vide PML (Maintenance of Records) Amendment Rules, 2023 | SCC Times<\/title>\n<meta name=\"description\" content=\"On 7-3-2023, the Ministry of Finance notified the Prevention of Money- laundering (Maintenance of Records) Amendment Rules, 2023\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/10\/ministry-of-finance-notified-prevention-of-money-laundering-maintenance-of-records-amendment-rules-legal-research-legal-update-legal-news\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"&#8220;Implementation of Policies by groups&#8221; introduced vide PML (Maintenance of Records) Amendment Rules, 2023\" \/>\n<meta property=\"og:description\" content=\"On 7-3-2023, the Ministry of Finance notified the Prevention of Money- laundering (Maintenance of Records) Amendment Rules, 2023\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/10\/ministry-of-finance-notified-prevention-of-money-laundering-maintenance-of-records-amendment-rules-legal-research-legal-update-legal-news\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-10T04:30:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-510.png\" \/>\n\t<meta property=\"og:image:width\" content=\"886\" \/>\n\t<meta property=\"og:image:height\" content=\"590\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Kriti\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kriti\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/10\/ministry-of-finance-notified-prevention-of-money-laundering-maintenance-of-records-amendment-rules-legal-research-legal-update-legal-news\/\",\"url\":\"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/10\/ministry-of-finance-notified-prevention-of-money-laundering-maintenance-of-records-amendment-rules-legal-research-legal-update-legal-news\/\",\"name\":\"&#8220;Implementation of Policies by groups&#8221; 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Key Points: Rule 2 clause (f) describes the meaning of a \u201cPrincipal Officer\u201d. The amendment specifies that apart from being an\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"ministry of finance","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/ministry-of-finance.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/ministry-of-finance.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/ministry-of-finance.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/ministry-of-finance.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":196057,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/05\/17\/the-prevention-of-money-laundering-maintenance-of-records-amendment-rules-2018-notified\/","url_meta":{"origin":286669,"position":2},"title":"The Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2018, notified","author":"Saba","date":"May 17, 2018","format":false,"excerpt":"G.S.R. 456(E).\u2014In exercise of the powers conferred by sub-section (1) read with clause (i), clause (j), clause (jj) and clause (k) of sub-section (2) of Section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government in consultation with the Reserve Bank of India hereby makes\u2026","rel":"","context":"In &quot;Foreign Legislation&quot;","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":209966,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/14\/centre-notifies-prevention-of-money-laundering-maintenance-of-records-amendment-rules-2019\/","url_meta":{"origin":286669,"position":3},"title":"Centre Notifies&#8211; Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2019","author":"Bhumika Indulia","date":"February 14, 2019","format":false,"excerpt":"G.S.R. 108(E)\u2014\u00a0In exercise of the powers conferred by sub-section (1), read with clauses (i), (j), (jj), (jjj) and (k) of sub-section (2) of Section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby makes the following rules further to amend the Prevention of Money-\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":222095,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/14\/amendment-that-permits-people-to-provide-a-different-address-from-one-in-aadhaar-as-current-address-for-the-purpose-of-kyc-notified\/","url_meta":{"origin":286669,"position":4},"title":"Amendment that permits people to provide a different address from one in Aadhaar as current address for the purpose of KYC &#8212; Notified","author":"Bhumika Indulia","date":"November 14, 2019","format":false,"excerpt":"G.S.R. 840(E).\u2014In exercise of the powers conferred by Section 73, read with Section 11A and Section 12AA of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby makes the following rules further to amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, namely:\u2014 1. (1)\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":175824,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/14\/prevention-money-laundering-maintenance-records-seventh-amendment-rules-2017-read-notification\/","url_meta":{"origin":286669,"position":5},"title":"Prevention of Money-laundering (Maintenance of Records) Seventh Amendment Rules, 2017 [Read Notification]","author":"Saba","date":"December 14, 2017","format":false,"excerpt":"NOTIFICATION New Delhi, the 12th December, 2017 G.S.R. 1506(E).\u2014 In exercise of the powers conferred by sub-section (1) read with clause (i), clause (j), clause (jj) and clause (k) of sub-section (2) of Section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government in consultation\u2026","rel":"","context":"In &quot;Foreign Legislation&quot;","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/286669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67515"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=286669"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/286669\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/284863"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=286669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=286669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=286669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}