Under Section 12AA(1)(b) of the Prevention of Money Laundering Act, 2002, reporting entities must…
Section 12AA(1)(b) requires "additional steps to examine the ownership and financial position, including sources of funds of the client", in the prescribed manner. The Act…
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Under Section 12AA(1)(b) of the Prevention of Money Laundering Act, 2002, reporting entities must examine-
Answer and explanation
Correct answer B
Section 12AA(1)(b) requires "additional steps to examine the ownership and financial position, including sources of funds of the client", in the prescribed manner. The Act does not prescribe a review of criminal antecedents, tax returns or credit history as such.