CA, CS And CWAs Covered Under The Ambit Of PMLA If Financial Transactions Executed On Behalf Of Client

The Government has notified that the practicing chartered accountants (CA), Company Secretary (CS) and Cost And Works Accountancy (CWAs) are covered under the Prevention of Money Laundering Act, 2002 (PMLA) if financial transactions are executed on behalf of a client.

In accordance with Section 2(1)(sa)(vi) of the PMLA, the Central Government notified a select few activities when they are performed for or on behalf of another natural or legal person.

Firstly, buying and selling of any immovable property.

Secondly, managing client money, securities, or other assets.

Thirdly, management of bank, savings, or securities accounts.

Fourthly, organization of contributions for the creation, operation, or management of companies.

Lastly, the creation, operation, or management of companies, limited liability partnerships or trusts, and buying and selling of business entities.

Notification No.: F. No. P-12011/12/2022-ES Cell-DOR

Date: 03/05/2023

Click Here To Read The Notification