Section 12AA of the Prevention of Money Laundering Act, 2002 safeguards the financial system by-
Section 12AA requires identity verification and examination of the client "prior to the commencement of each specified transaction", and closer monitoring under s.12AA(3)…
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Section 12AA of the Prevention of Money Laundering Act, 2002 safeguards the financial system by-
Answer and explanation
Correct answer B
Section 12AA requires identity verification and examination of the client "prior to the commencement of each specified transaction", and closer monitoring under s.12AA(3) where transactions look suspicious. It adds obligations rather than reducing them.