Question
What is the mode adopted by the Reporting Entity under
the Prevention of Money-Laundering Act, 2002 for the Verification of the Identity of its clients and the beneficial owner?Solution
Section 11A - Verification of Identity by Reporting Entity- —(1) Every Reporting Entity shall verify the identity of its clients and the beneficial owner, by— (a) authentication under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 if the reporting entity is a banking company; or (b) offline verification under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016; or (c) use of passport issued under section 4 of the Passports Act, 1967; or (d) use of any other officially valid document or modes of identification as may be notified by the Central Government in this behalf
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