Question

    Under the PMLA, who is responsible for maintaining

    records of all transactions and furnishing information to the Financial Intelligence Unit – India (FIU-IND)?
    A Income Tax Officer Correct Answer Incorrect Answer
    B Enforcement Directorate Correct Answer Incorrect Answer
    C Reporting Entity Correct Answer Incorrect Answer
    D Reserve Bank of India Correct Answer Incorrect Answer
    E High Court Correct Answer Incorrect Answer

    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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