Section 12 of PMLA : Section 12: Reporting Entity To Maintain Records
PMLA
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Explanation using Example
Example Application of Section 12 of The Prevention of Money-Laundering Act, 2002
Consider a bank named "SafeBank," which is a reporting entity under this Act. As per Section 12:
- SafeBank must keep detailed records of all transactions. For instance, if Mr. John Doe transfers a large sum of money to an overseas account, SafeBank must record the details of this transaction, including the amount, destination, and purpose, in a way that the transaction can be individually reconstructed if needed.
- If the tra...
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