The objective of Section 12 of the Prevention of Money Laundering Act, 2002 is to-
Section 12 requires reporting entities to keep records of transactions and client identity and to furnish prescribed transaction information to the Director, building the…
Choose your answer
The objective of Section 12 of the Prevention of Money Laundering Act, 2002 is to-
Answer and explanation
Correct answer C
Section 12 requires reporting entities to keep records of transactions and client identity and to furnish prescribed transaction information to the Director, building the reporting and record-keeping base of Chapter IV. Penalties for lapses come under s.13, and audits only on the Director's direction under s.13(1A).