Question
Under the PMLA, who is responsible for maintaining
records of all transactions and furnishing information to the Financial Intelligence Unit – India (FIU-IND)?Solution
According to Section 12 of the PMLA, "reporting entities" — which include banking companies, financial institutions, intermediaries, etc. — are required to maintain records of all transactions, verify identity of clients, and furnish such information to FIU-IND as may be prescribed. The aim is to detect suspicious transactions and prevent money laundering.
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