Prevention of Money Laundering Act, 2002 is an anti-money laundering law introduced by the NDA Government. It was enacted in 2003 and entered into force in 2005. It has been changed three times in total, in 2005, 2009, and 2012. This law is aimed at banking companies, financial institutions, and intermediaries. It obliges relevant institutions to be transparent about client’s information.
The Anti-Money Laundering Act, 2002 mainly has three purposes:
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