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PMLA Compliant KYC Solutions to Safeguard Practicing CA and CS Professionals

As per the recent amendment to Section 2 (1) (sa) of the PMLA that brings Chartered Accountants and Company Secretaries under the regulatory framework of the PMLA, CA/CSs are required to conduct standard KYC checks for their clients.

Robust KYC Solution to Safeguard Against Illegal Financial Transactions

As Due Diligence becomes mandatory

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Be PMLA Compliant

Adhere to the Prevention of Money Laundering Act while managing finances for your clients

transactions

Risk-free Transactions

Know Your Customer (KYC) process verification to prevent financial fraud

financial-management

Financial Management at Scale

Handle high-volume businesses and individual KYC verification for faster operations

Need for KYC Verification for CAs and CS

With the latest amendment, CA and CS professionals have come under the scrutiny of the Prevention of Money Laundering Act

Included Financial transactions under the PMLA

  • Buying and selling any immovable property.
  • Managing client money, securities, or other assets.
  • Management of bank, savings, or securities accounts.
  • Organization of contributions for the creation, operation, or management of companies.
  • Creation, operation, or management of companies, limited liability partnerships or trusts, and buying and selling of business entities.

How to Do KYC Verification: Revamping the Process

Conduct all the Standard and Enhanced KYC verification checks while being AML compliant

  • Conduct standard due diligence checks of the clients to verify their CIN, DIN, NIDs, ITR, and more.
  • Develop client acceptance policies and procedures to identify those clients that pose a higher risk in money laundering or terror financing. Such clients require a higher degree of due diligence.
  • Conduct complex due diligence on all clients to ensure compliance i.e. Politically Exposed Persons Check, Criminal Database Check, Sanctions Check, Reputation Database Check, High Net Worth Individuals, Charities & NGOs check, etc.

AuthBridge’s Advance Due Diligence and KYC Verification Solutions

End-to-end Individual and business verification within seconds with 150+ verification APIs

Standard Checks

Personal-Details-of-Clients

Personal Details of Clients

Verify the personal details of the clients using their NID documents

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Identification Documents Verification

Verification of identification documents such as Aadhaar Card, PAN Card, Passport, Voter ID, Driving License

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Occupation and Income Details Check

Verifying the employment details and authenticating income details using ITR and Form 26AS

Signature-Check

Signature Check

Verification of the digital and e-signature of the clients as provided by them in the KYC forms

political-parties

Association with Political Parties

Checking if the client is a Politically Exposed Person(PEP) i.e. they are associated with any Political Party

Enhanced Checks

Source-of-Wealth

Source of Wealth

Bank statements, tax returns, and investment portfolio checks to verify the source of funds

Customer-Location-Check

Customer Location Check

Verifying the country or geographic location, including political, economic, and other social factors

Association-with-Regulatory-Body

Association with Regulatory Body

Checking customer’s relationship with the financial institution or other regulated entity

Negative-Due-Diligence-Check

Negative Due Diligence Check

Checking any negative media reports or sanctions listings about the client or the company

companies

Purpose of the Transaction or Relationship

MCA-related check in case of LLP and private companies

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FAQs

  • What is the Prevention of Money Laundering Act 2002

    An Act to prevent money laundering and to provide for confiscation of property derived from, or involved in, money laundering and for matters connected therewith or incidental thereto.

  • Who needs to follow anti-money laundering regulations?

    The following entities are subject to AML compliance:

    • Individuals
    • Beneficial owners
    • Companies
    • Trusts
    • Non-face-to-face customers
    • Partnership firms
    • Foreign portfolio investors
    • NGOs
    • A politically exposed person outside India
    • Banking intermediaries and financial companies
    • Intermediaries in the Crypto industry such as Crypto exchanges, wallets, service providers
    • Accounting professionals including CA, CS, CWA