The Prevention of Money Laundering Act, 2002 (PMLA 2002) and the Rules notified there under came into force with effect from July 1, 2005. Director, FIU-IND and Director (Enforcement) have been conferred with exclusive and concurrent powers under relevant sections of the Act to implement the provisions of the Act.

The Prevention of Money Laundering Act, 2002 consists of ten chapters containing 75 sections and one Schedule. Certain amendments were made to this Act vide The Prevention of Money laundering (Amendment) Act, 2005(20 of 2005) and The Prevention of Money Laundering (Amendment) Act, 2009

Professional opportunities for Chartered Accountants
Chartered Accountants with their inherent inquisitive abilities sharpened by their Knowledge of subject, experience and attention to detail can provide the following services in the Prevention of Money Laundering.

• As a consultant
1. Providing His vast expertise in handling huge quantitative data for verification of the exact nature of transactions.
2. Building effective AML programs for the financial organisations to protect them from the potential threats.
• As the trusted partner of the government,
1. Ensuring implementation of the PMLA Act,2002  in letter and spirit.
2. KYC AUDIT
• Conducting Know- Your Customer [KYC] audit
1. Customers due diligence procedures to confirm identity of Client from the records produced by him.
2. Systems audit for checking Identity from external database.
3. Formulating and implementing the programme of KYC which is to be forwarded to Director in PMLA [Rule 9 sub rule (7) of the PML maintenance of records of the nature and value … rules].
• Risk Advisory services (RAS), identifying the risk & its mitigating controls in the systems for proper internal control environment.
• Management Advisory service (MAS), creating proper administrative and organisation structure to ensure the loop free information flows.

USEFUL LINKS

1 Financial Intelligence Unit- India -http://www.fiuindia.gov.in/
2 Ministry of Finance -http://www.finmin.nic.in/
3 Insurance Regulatory and Development Authority- http://www.irdaindia.org/
4 Reserve Bank of India - http://www.rbi.org.in/
5 Securities and Exchange Board of India- http://www.sebi.gov.in/
6 Asia/Pacific Group on Money Laundering (APG) - http://www.apgml.org/
7 Bank for International Settlements - http://www.bis.org/
8 Caribbean Financial Action Task Force on Money Laundering (CFATF) - http://www.cfatf.org/eng/
9 Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) - http://www.esaamlg.org/
10 Egmont group - http://www.egmontgroup.org/
11 Eurasian Group on Combating Money Laundering and Financing Terrorism - http://www.eurasiangroup.org/
12 European Union - http://europa.eu/pol/fraud/index_en.htm
13 Financial Action Task Force on Money Laundering (FATF) - http://www.fatf-gafi.org
14 International Monetary Fund -http://www.imf.org/
15 International Money Laundering Information Network (IMoLIN) - http://www.imolin.org/imolin/index.html
16 Interpol - International Criminal Police Organisation - http://www.interpol.com/
17 Middle East & North Africa Financial Action Task Force (MENAFATF) - http://www.menafatf.org/
18 Organisation for Economic Co-operation and Development (OECD) - http://www.oecd.org/
19 United Nations International Drug Control Programme - http://www.unodc.org/
1 Financial Intelligence Unit- India -http://www.fiuindia.gov.in/
2 Ministry of Finance -http://www.finmin.nic.in/
3 Insurance Regulatory and Development Authority- http://www.irdaindia.org/
4 Reserve Bank of India - http://www.rbi.org.in/
5 Securities and Exchange Board of India- http://www.sebi.gov.in/
6 Asia/Pacific Group on Money Laundering (APG) - http://www.apgml.org/
7 Bank for International Settlements - http://www.bis.org/
8 Caribbean Financial Action Task Force on Money Laundering (CFATF) - http://www.cfatf.org/eng/
9 Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) - http://www.esaamlg.org/
10 Egmont group - http://www.egmontgroup.org/
11 Eurasian Group on Combating Money Laundering and Financing Terrorism - http://www.eurasiangroup.org/
12 European Union - http://europa.eu/pol/fraud/index_en.htm
13 Financial Action Task Force on Money Laundering (FATF) - http://www.fatf-gafi.org
14 International Monetary Fund -http://www.imf.org/
15 International Money Laundering Information Network (IMoLIN) - http://www.imolin.org/imolin/index.html
16 Interpol - International Criminal Police Organisation - http://www.interpol.com/
17 Middle East & North Africa Financial Action Task Force (MENAFATF) - http://www.menafatf.org/
18 Organisation for Economic Co-operation and Development (OECD) - http://www.oecd.org/
19 United Nations International Drug Control Programme - http://www.unodc.org/
20 World Bank - http://web.worldbank.org/