Insertion of new section 11A- Verification of identity by reporting entity

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... of 2002) (hereafter in this Part, referred to as the principal Act), before section 12, the following section shall be inserted, namely:- Verification of identity by reporting entity. '11A. (1) Every reporting entity shall verify the identity of its clients and the beneficial owner, by- (a) authentication under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and S .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... it such entity to perform authentication under clause (a): Provided further that no notification under the first proviso shall be issued without consultation with the Unique Identification Authority of India established under sub-section (1) of section 11 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (18 of 2016) and the appropriate regulat .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... (5) Nothing in this section shall prevent the Central Government from notifying additional safeguards on any reporting entity in respect of verification of the identity of its client or beneficial owner. Explanation.-The expressions "Aadhaar number" and "core biometric information" shall have the same meanings as are respectively assigned to them in clauses (a) and ( j) of section 2 of the Aadh .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X