ICSI Floats Online Form to Capture Data of PCS who are Designated as ‘Reported Entities’ Under PMLA

ICSI News, Dated: 19.07.2023

Recently, the Ministry of Finance included professionals including the company secretary in practice performing certain transactions on behalf of their clients in the definition of ‘Reporting Entity’ under PMLA.

The FIU-India has implemented Anti-Money Laundering & counter-terrorist financing Guidelines. ICSI has been advised to take on the role of Supervisory Regulatory Body for its members. The Guidelines apply to the relevant persons carrying out financial transactions, such as individuals who obtained a certificate of practice under section 6 of the Chartered Accountants Act, 1949, under section 6 of the Company Secretaries Act, 1980 and under section 6 of the Cost and Works Accountants Act, 1959.

Also, the ICSI has been has been advised to take on the role of Supervisory Regulatory Body (SRB) for its practising members i.e., Company Secretary in Practice. For the purpose of interaction and information sharing between practicing members and FIU-India, a nodal officer is also identified as per the requirement of guidelines who can be reached at pmla@icsi.edu.

In compliance with the same, all PCS falling under the definition of Reporting Entity must register within 7 days by filling in details in the online form.

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