{"id":300978,"date":"2023-09-07T12:30:03","date_gmt":"2023-09-07T07:00:03","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=300978"},"modified":"2023-09-07T11:21:10","modified_gmt":"2023-09-07T05:51:10","slug":"mof-notifies-pmla-maintenanceofrecords-second-amendment-rules-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/09\/07\/mof-notifies-pmla-maintenanceofrecords-second-amendment-rules-legal-news\/","title":{"rendered":"Principal Officer to also be a Management Level Officer vide PMLA (Maintenance of Records) Rules 2005"},"content":{"rendered":"
\n

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<\/a>.<\/p>\n

Key Points:<\/p>\n

    \n
  1. \n

    Rule 2 clause (f) describes the meaning of a “Principal Officer”<\/span>. The amendment specifies that apart from being an officer designated by a reporting authority, that officer should also be a management level officer.<\/p>\n<\/li>\n

  2. \n

    Rule 9 relating to Client Due Diligence<\/span> have been revised:<\/p>\n

      \n
    • \n

      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.<\/p>\n<\/li>\n

    • \n

      In case of Trust<\/span>, 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.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

      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 <\/p>\n","protected":false},"author":67515,"featured_media":293603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[55873,2824,34084,60808],"class_list":["post-300978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-maintenance-of-records","tag-Ministry_of_Finance","tag-pmla","tag-second-amendment-rules"],"yoast_head":"\nPMLA (Maintenance of Records) Rules 2005 | SCC Blog<\/title>\n<meta name=\"description\" content=\"Ministry of Finance mandates that the Principal Officer has to be of management level vide PMLA (Maintenance of Records) Rules 2005.\" \/>\n<meta name=\"robots\" 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