Under the Prevention of Money-laundering Act, 2002, does the definition of "reporting entity" include…
Section 2(1)(wa) defines "reporting entity" to include an intermediary along with a banking company, financial institution, and a person carrying on designated business or…
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Under the Prevention of Money-laundering Act, 2002, does the definition of "reporting entity" include financial intermediaries?
Answer and explanation
Correct answer A
Section 2(1)(wa) defines "reporting entity" to include an intermediary along with a banking company, financial institution, and a person carrying on designated business or profession, so financial intermediaries are expressly covered, not banks or NBFCs alone.