Prevention of Money Laundering Act definition

Prevention of Money Laundering Act means the Prevention of Money Laundering Act (Chapter 373 of the Laws of Malta), and any subsidiary legislation, rules or regulations as may be promulgated from time to time under its authority.
Sample 1Sample 2Sample 3
Prevention of Money Laundering Act means the Prevention of Money Laundering Act, 2002 including any statutory modifications, re-enactments or amendments thereof, from time to time, and the rules, regulations or guidelines issued thereunder.
Sample 1Sample 2

Examples of Prevention of Money Laundering Act in a sentence

  • According to guidelines issued by SEBI under 'The Prevention of Money Laundering Act, 2002', Mutual Funds are required to follow enhanced know your customer (KYC) norms.

  • Pursuant to the provisions of Prevention of Money Laundering Act, 2002, if after due diligence, the AMC believes that any transaction is suspicious in nature as regards money laundering, on failure to provide required documentation, information, etc.

  • The Government of India vide their Notification dated November 26, 2015 authorised the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) to act as and to perform the functions of the Central KYC Records Registry under the said rules, including receiving, storing, safeguarding and retrieving the KYC records under the Prevention of Money- Laundering Act, 2002.

  • In order to enhance compliance with Know your Customer (KYC) norms under the Prevention of Money Laundering Act, 2002 (PMLA) and to mitigate the risks associated with acceptance of third party payments, Association of Mutual Funds of India (AMFI) issued best practice guidelines on "risk mitigation process against third party instruments and other payment modes for mutual fund subscriptions".

  • The Prevention of Money Laundering Act, 2002, also applies to insurance transactions.

  • I/We apply for the units of the Fund and agree to abide by the terms, conditions, rules and regulations of the scheme and other statutory requirements of SEBI, AMFI, Prevention of Money Laundering Act, 2002 and such other regulations as may be applicable from time to time.

  • According to SEBI Guidelines under ‘The Prevention of Money Laundering Act, 2002’, Mutual Funds are required to follow enhanced know your customer (KYC) norms.

  • Under the Prevention of Money Laundering Act, 2005 (“PMLA”), all intermediaries including mutual funds are required to obtain sufficient information from their clients in order to identify and verify the persons who beneficially own or control the account.

  • Prevention of Money Laundering Act, the SEBI Circulars on Anti Money Laundering (AML) and the Client Identification implementation procedures prescribed by AMFI inter alia require the AMC to verify the records of identity and address(es) of investors.

  • The Fund may also disclose such details to regulatory and statutory authorities/bodies as may be required or necessary.• Pursuant tothe provisions of Prevention of Money Laundering Act, 2002, if after due diligence, the AMC believes that any transaction is suspicious in nature as regards money laundering, on failure to provide required documentation, information, etc.

Related to Prevention of Money Laundering Act

  • money laundering means the conversion or transfer of property, knowing that such property is the proceeds of crime, for the purpose of concealing or disguising the illicit origin of the property or of helping any person who is involved in the commission of the predicate offence to evade the legal consequences of his or her actions, or the concealment or disguise of the true nature, source, location, disposition, movement or ownership of or rights with respect to property, knowing that such property is the proceeds of crime.

  • Violent crime means a forcible felony, as defined in Iowa Code section 702.11, and includes any other felony or aggravated misdemeanor which involved the actual or threatened infliction of physical or emotional injury on one or more persons.

  • Data Protection Laws and Regulations means all laws and regulations, including laws and regulations of the European Union, the European Economic Area and their member states, Switzerland and the United Kingdom, applicable to the Processing of Personal Data under the Agreement.

  • Bribery Act means the Bribery Act 2010 and any subordinate legislation made under that Act from time to time together with any guidance or codes of practice issued by the relevant government department concerning this legislation;