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The Committee on Commercial Laws, Economic Advisory and NPO Cooperative of ICAI, on 7 December 2023, released information on red flag indicators, issued by FIU-IND w.r.t. the notification dated 3 May 2023 under the Prevention of Money Laundering Act, 2002 (the notification). ICAI has now issued certain FAQs on the notification in order to guide the members regarding the potential implications and responsibilities, including:

  • Scope of covering Chartered Accountants under the money laundering offences
  • Obligations of reporting entities under the PMLA
  • Meaning of ‘transaction’
  • Dealing with non-compliances, etc

To access the text of the FAQs, please click here

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