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      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?
      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 Correct Answer Incorrect Answer
      B Offline verification under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 Correct Answer Incorrect Answer
      C Use of passport issued under section 4 of the Passports Act, 1967; or Correct Answer Incorrect Answer
      D All the above Correct Answer Incorrect Answer

      Solution

      Section 11A - Verification of Identity by Reporting Entity- β€”(1) Every Reporting Entity shall verify the identity of its clients and the beneficial owner, byβ€” (a) authentication under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016Β  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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