BSE Asks Trading Members For Details On Prevention Of Money Laundering Rules Compliance
The government had amended the Prevention of Money Laundering rules in June.
Leading exchange BSE has asked trading members to report about their preparedness to comply with the amended prevention of money laundering (PML) rules whereby clients are required to furnish their Aadhaar details.
In June, the government had amended the Prevention of Money Laundering (Maintenance of Records) Rules.
The BSE on Thursday said it is required to report to the SEBI on the preparedness of the trading members with respect to compliance with the amended rules.
"Trading members are also requested to highlight issues, if any, with regard to compliance...," the bourse said in a circular.
In this regard, the exchange has also created a page in its electronic filing system.
"Trading members are requested to fill in the details and submit the same on or before August 23, 2017," it noted.
As per the amended PML rules, where the client has not submitted Aadhaar number at the time of commencement of account-based relationship with the reporting entity, then the same should be furnished within six months. The period would be calculated from the date of starting the account-based relationship.
For clients having an account-based relationship with reporting entities prior to June 1, Aadhaar details have to be submitted by December 31, 2017.
In case of failure to submit the documents within the prescribed time limit, the account would be suspended till the Aadhaar details are submitted by the client.