Question
Under the PMLA, a reporting entity's principal officer is responsible for furnishing information to which body?
Solution
Under the Prevention of Money Laundering Act and the rules made thereunder, each reporting entity designates a principal officer who is responsible for furnishing information regarding suspicious transactions, prescribed cash transactions, and other reportable transactions to the Financial Intelligence Unit-India. The principal officer is a key compliance functionary within the reporting entity. This designation ensures clear accountability for the entity's anti-money-laundering reporting obligations and provides a point of contact for the FIU-IND in the discharge of these duties.
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