Under the Prevention of Money-laundering Act, 2002, the term "beneficial owner" is relevant for:
Section 2(1)(fa) defines beneficial owner in terms of ultimate ownership, control and transactions conducted for another. Reporting entities use it in customer…
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Under the Prevention of Money-laundering Act, 2002, the term "beneficial owner" is relevant for:
Answer and explanation
Correct answer A
Section 2(1)(fa) defines beneficial owner in terms of ultimate ownership, control and transactions conducted for another. Reporting entities use it in customer identification and record obligations. This does not mean ultimate ownership is irrelevant to every other legal or regulatory context.