Under Section 12AA(1) of the Prevention of Money Laundering Act, 2002, due diligence measures apply-
Section 12AA(1) applies "prior to the commencement of each specified transaction". Checks after the transaction, or only at account opening, would not meet the requirement.
Choose your answer
Under Section 12AA(1) of the Prevention of Money Laundering Act, 2002, due diligence measures apply-
Answer and explanation
Correct answer B
Section 12AA(1) applies "prior to the commencement of each specified transaction". Checks after the transaction, or only at account opening, would not meet the requirement.