Banking Co’s/ FIs to register the details of non-profit organization clients on DARPAN Portal of NITI Aayog

 ​    Notification No. S.O. 1074(E)., Dated … Continue reading “Banking Co’s/ FIs to register the details of non-profit organization clients on DARPAN Portal of NITI Aayog”
The post Banking Co’s/ FIs to register the details of non-profit organization clients on DARPAN Portal of NITI Aayog appeared first on Taxmann Blog. 

Notification No. S.O. 1074(E)., Dated 07.03.2023

The Ministry of Finance has notified an amendment in the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. As per the amended norms, a new clause ‘db’, defining ‘Politically Exposed Persons’ has been introduced in Rule 2(1).

“Politically Exposed Persons” (PEPs) are the individuals who have been entrusted with prominent public functions by a foreign country, including the heads of States or Governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials;”

Further, the rules now require every Banking Company or Financial Institution to register the details of non-profit organisation client on the DARPAN Portal of NITI Aayog. Also, they must maintain such records for a period of 5 years after the business relationship between a client and a reporting entity has ended or the account has been closed, whichever is later.

Click Here To Read The Full Notification

The post Banking Co’s/ FIs to register the details of non-profit organization clients on DARPAN Portal of NITI Aayog appeared first on Taxmann Blog.

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