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Policies and Procedures to Combat Money Laundering and Terrorist financing

Para 3 - Guidelines - Guidelines for Anti-money laundering measures - Para 3 - 3. 3.1 Guiding Principles 3.1.1 These Guidelines have taken into account the requirements of the Prevention of the Money Laundering Act, 2002 as applicable to the intermed .....

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res taken by them are adequate and appropriate to follow the spirit of the suggested measures in Part II and the requirements as laid down in the Prevention of Money Laundering Act, 2002. 3.2 Obligation to establish policies and procedures 3.2.1 Inte .....

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d intermediaries to have a system in place for identifying, monitoring and reporting suspected money laundering or terrorist financing transactions to the law enforcement authorities. 3.2.2 In light of the above, senior management of a registered int .....

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nsure that the content of these Guidelines are understood by all staff members; (c) regularly review the policies and procedures on prevention of money laundering and terrorist financing to ensure their effectiveness. Further in order to ensure effec .....

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develop staff members awareness and vigilance to guard against money laundering and terrorist financing. 3.2.3 Policies and procedures to combat Money Laundering should cover: (a) Communication of group policies relating to prevention of money launde .....

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mely disclosure of information; and (f) Role of internal audit or compliance function to ensure compliance with policies, procedures, and controls relating to prevention of money laundering and terrorist financing, including the testing of the system .....

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