Unregistered NBFCs pose a risk to the financial system

New Delhi, March 22

Cracking down the whip on errants, the Ministry of Finance has directed Non Banking Financial Companies (NBFC) to verify identity of clients, maintain records and furnish information to the Financial Intelligence Unit - India (FIU-IND).

The Finance Ministry said that the Prevention of Money Laundering Act, 2002 (PMLA) and the Rules impose an obligation on reporting entities, including Non-Banking Financial Companies (NBFCs) for the same.

Published on March 22, 2018

" + ""; if(isDeviceEnabled("[large, medium]")) { d.write(adcode); } }(document);