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Dear Customer,
Kindly refer below Educational note on Anti Money Laundering (AML) and Combating Financing of Terrorism (CFT). |
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Prevention of Money Laundering Act (PMLA): |
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The Prevention of Money Laundering Act, 2002 (PMLA) forms the core of the legal framework put in place by Government of India to combat money laundering |
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PMLA defines money laundering offence and provides for the freezing, seizure and confiscation of the proceeds of crime and also punishment extending to imprisonment and / or fines |
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Any process or activity wherein proceeds of crime is projected or claimed as untainted money is termed as money laundering |
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Financial Intelligence Unit - India (FIU-IND) was set by the Government of India to implement the provisions of PMLA which includes but not limited to receiving, processing, analyzing and
disseminating information relating to suspect financial transactions |
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All market intermediaries including Stock Brokers and Depository Participants (DP) as well as Stock Exchanges and Depositories are required under law to take all necessary actions to implement
provisions/ requirements of the Act |
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Your obligations under PMLA: |
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Please ensure your account is not used / operated as a front for any other person |
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Please provide correct details at the time of submitting the Know Your Client |
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(KYC) or KYC Modification Form, including details of your occupation. |
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Always transfer funds and securities which are actually and beneficially owned by you, all transfers must be from bank / depository account(s) held only in your name |
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Any change in your Residential status, address, etc. should be immediately informed to Axis Securities Limited (ASL) |
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Submit your source of income, financial details at regular intervals (at least once in a year) or as and when required by ASL |
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Do not share your User ID / Password / Aadhaar No. / OTP with any one |
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Please ensure details related to Income, Networth, Mobile number, Email address and Address updated by you only |
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Should you require more details with respect to PMLA, you are requested to visit website of FIU-IND - (https://fiuindia.gov.in) |
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For any clarification related to PMLA please email us at: surveillance@axissecurities.in
Regards,
Axis Direct |
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