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Money Laundering
What is Money Laundering?
Money Laundering is the practice of engaging in a series of financial transactions to conceal the ownership, source, control or destination of illegally gained money. It involves disguising financial assets so that they can be used without detection of the illegal activity that produced them. In other words, it is the process by which the proceeds of crime like drug dealing, corruption, accounting and other types of frauds, tax evasion, etc. are made to appear to have a legitimate origin.
What is Terrorist Financing?
Terrorist Financing can be defined as the financial support, in any form, of terrorism or those who encourage, plan or engage in terrorism.
How Money Laundering affects the economy as a whole?
Money Laundering damages the integrity of the banking and financial services and over a period of time the institutions could be drawn into active complicity with criminals and become part of the criminal network itself. Inexplicable changes in money demand, prudential risks to bank soundness, contamination effects on legal financial transactions, and increased volatility in international capital flows and exchange rate will be the consequences of unchecked money laundering. There is a damping effect on foreign direct investment when a country’s commercial and financial sectors are perceived to be subject to the control and influence of organised crime.
Regulations on Anti Money Laundering and Combating Financing of Terrorism
The Prevention of Money Laundering Act 2002 was brought into force with effect from 1 July 2005. Necessary Notifications/Rules under the said Act were published in the Gazette of India on the 1st of July 2005 as per the provisions of which, we, as a financial intermediary associated with the Securities Market shall have to adhere to Client Account opening procedures and maintain records of such transactions as prescribed by the PMLA and the Rules notified thereunder.
What the provisions of the PML Act require from you
  • To provide required documents/information at the time of opening of account such as proof for identity, address and income, etc.
  • To update the financial/income details on a periodic basis and on request from us from time to time
  • To update the changes in profile like change in occupation, address, contact details etc.
  • To ensure that transactions undertaken are commensurate with disclosed income details.
Please visit the websites:www.fatf-gafi.org and www.fiuindia.gov.in for more information on the subject.
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