PMLA
Definitions
Money-Laundering
Proceeds of crime
Payment System
WHOSOEVER-
----directly or indirectly attempt to indulge,or
knowingly assists,or
knowingly a party.or
actually involved
---in a process or activity connected with proceeds of crime including
its concealment, possession, acqusition, use
--- projecting or claiming it as untained property
---shall be gulity of offence of Money laundering
means any property
derived or obtained,
directly or indirectly, by any person relating to a scheduled offence or
the value of any such property.
Corporeal or incorporeal
movable or immovable
tangible or intangible
deeds & document( evidencing title)
Scheduled Offence
Part A of the schedule
Part B of schedule(amount>= 30 lakhs)
Part C of schedule
Sec 12: Obligation of Banking Companies, Financial Institutions and Intermediaries
Punishment
rigorous imprisonment
min 3yrs to max. 7 years
(for para 2 of part A max. 10 yrs)
with fine
Maintain a record of all transactions
Furnish to the Director within time prescribed, information relating to such transactions,
Verify the identity of its clients
identify the beneficial owner, if any, of its clients as prescribed;
Maintain record of documents evidencing identity of its clients and beneficial owners
Section 13: Powers of the Director
inquiry with regard to obligation of thr reporting entity.
direct to gets records audited
if RE or its employees failed to comply with obligation then
issue warning in writing
direct to send reports at such interval
monetary penalty 10000 to 1 lakh
shall forward copy of order as mentioned in sec 12
Appeal to Appelate tribunal
Appeal by agrrived person within 45 days of order
provide OOBH
Pass order -
confirm, modify or setting aside the order
send copy to parties in appeal and concerned AA
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