NBFCs Urged To Comply With Money Laundering Rules
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.
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