CA, CS and CMA brought under the PMLA net

On 3rd May 2023, the Ministry of Finance has issued the notification in which the CA, CS and CMA have been brought under the definition of “Relevant Person” of the Prevention of Money Laundering Act 2002 if they have been carrying on the following activities on behalf of their clients :-

1. Buying and selling of immovable properties;
2. Managing of client money, securities or other assets;
3. Management of banks, savings or securities accounts;
4. Organization of contributions for the creation, operation or management of the Companies;
5. Creation, operation or management of companies, limited liability partnerships or trusts, and buying and selling of business entities.

To view and download the notification, click here PMLA notification