Markets, intermediates identify money laundering risk from new products: Sebi
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The Securities and Exchange Board of India (SEBI) on Friday asked stock exchanges and market intermediaries to identify risks associated with the development of new products and new business practices leading to money laundering and terrorist financing.
New Delhi. The Securities and Exchange Board of India (SEBI) on Friday asked stock exchanges and market intermediaries to identify risks associated with the development of new products and new business practices leading to money laundering and terrorist financing. Further, SEBI in its new guidelines on Anti-Money Laundering Standards and Obligations of Securities Market Intermediaries with respect to Combating the Financing of Terrorism has asked them to manage such risks before offering and using such products, processes, services and technologies. instructed to do.
SEBI has taken this step after the government amended the Prevention of Money Laundering Act (PMLA) in March. SEBI in its guidelines said that if the client is a non-profit organisation, every intermediary shall register the details of that client on NITI Aayog’s portal ‘Darpan’. Further the records have to be maintained for five years from the end of the business relationship between the client and the intermediary or the closure of the account, whichever is later.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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