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CA, company secys fret over increased compliance burden under new PMLA

Professionals would have to undertake due diligence measures to verify the identities of their clients and beneficial owners and sources of funds, and maintain records for a longer period

Ruchika Chitravanshi New Delhi

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4 min read Last Updated : May 12 2023 | 6:12 PM IST

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Chartered accountants, company secretaries and other such professionals are concerned about the increased compliance burden caused by the widening of the ambit of the Prevention for Money Laundering Act.

While financial transactions carried out by practising CAs, CSs and cost management accountants were brought under the purview of the Act on May 3, the legislation has now been extended to include anyone who acts as a formation agent of companies or LLPs, a trustee of an express trust or nominee shareholder for another person. All of these people are now subject to PMLA provisions as a reporting entity.

Professionals would have to undertake due diligence measures to verify the identities of their clients and beneficial owners and sources of funds, and maintain records for a longer period.