ICMAI Issues Revised KYC Guidelines for PCMAs, Mandating Client Verification Before Accepting Assignments
- News|Blog|Account & Audit|
- < 1 minute
- By Taxmann
- |
- Last Updated on 1 April, 2025
Latest from Taxmann
The Institute of Cost Accountants of India (ICMAI) has issued revised Know Your Client (KYC) Guidelines for Practicing Cost and Management Accountants (PCMAs). These new guidelines, approved in the 358th Council meeting, are now mandatory and align with government rules under the Prevention of Money Laundering Act (PMLA), 2002.
The revision classifies CMAs, along with CAs and CSs, as “reporting entities” when conducting certain financial transactions on behalf of clients. As a result, PCMAs must now verify client identities and conduct due diligence before accepting any assignment.
Key highlights from the Guidelines include:
- Mandatory collection of client documents like PAN, Aadhaar, financial records, and legal details.
- Different KYC formats for individuals and entities.
- Obligation to retain KYC records for five years post-assignment.
- Emphasis on preventing money laundering and terrorist financing.These guidelines aim to enhance transparency, accountability, and legal compliance in professional practices.
Click Here To Read The Full Story
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
