KYC design, suspicious transaction reporting, internal controls and enforcement defence under the Prevention of Money Laundering Act, 2002 and the RBI/SEBI/IRDAI directions.
Short, direct, on the record.
Banks, financial institutions, NBFCs, payment system operators, SEBI registered intermediaries, insurance companies and designated non financial businesses and professions (DNFBPs) including real estate agents, dealers in precious metals and stones, and certain professionals as notified by the Central Government.
The Director, FIU IND can impose a monetary penalty under Section 13 of the PMLA. Non compliance with KYC and reporting norms also attracts regulatory action from the sectoral regulator (RBI, SEBI, IRDAI) which can include monetary penalties, restrictions on business and cancellation of registration.
Yes. Under Section 5 of the PMLA, the ED can provisionally attach property believed to be proceeds of crime. The attachment must be confirmed by the Adjudicating Authority within 180 days. The affected person has a right to be heard and can appeal to the Appellate Tribunal.
Yes. The PMLA was amended in 2023 to include virtual digital asset service providers as reporting entities. They must register with FIU IND, maintain KYC records and file STRs and CTRs.
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