Question
The “Designated Director” under the Prevention of
Money Laundering Act (PMLA) is responsible for ensuring compliance with the obligations imposed under which chapter of the Act?Solution
Under the Prevention of Money Laundering Act (PMLA), the Designated Director is appointed by reporting entities (such as banks, financial institutions, intermediaries) to oversee compliance with the law. • The relevant provisions are laid down in Chapter IV, which deals with: o Obligations of reporting entities, o Maintenance and verification of client records, and o Reporting of suspicious transactions to the Financial Intelligence Unit (FIU-IND).
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