Under the Prevention of Money-laundering Act, 2002, who is a "payment system operator"?
Section 2(1)(rc) covers the operator and expressly includes the operator's overseas principal. A bank is not inherently excluded: it may itself operate a system. Merely…
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Under the Prevention of Money-laundering Act, 2002, who is a "payment system operator"?
Answer and explanation
Correct answer D
Section 2(1)(rc) covers the operator and expressly includes the operator's overseas principal. A bank is not inherently excluded: it may itself operate a system. Merely holding a payee account, auditing or making a payment does not alone establish operator status.