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Prevention of Money Laundering Act, 2002 - Notification and Red Flag Indicators for Chartered Accountants

Notification and Red Flag Indicators Issued by FIU-IND for Chartered Accountants

The Central Government, through a notification dated May 3, 2023, has issued guidelines under the Prevention of Money Laundering Act, 2002, pertaining to financial transactions carried out by relevant persons, including individuals who obtained a certificate of practice under specific acts. Additionally, the Financial Intelligence Unit - India (FIU-IND) has issued “Red Flag Indicators” for Chartered Accountants (CAs) carrying out notified activities on behalf of their clients. The Institute of Chartered Accountants of India (ICAI) has made the notification, guidelines, and other relevant information available on its portal for reference by members.

Case Name:

Prevention of Money Laundering Act, 2002 - Notification and Red Flag Indicators for Chartered Accountants

Key Takeaways:

The Central Government has notified specific financial transactions carried out by relevant persons, such as CAs, under the Prevention of Money Laundering Act, 2002.
FIU-IND has issued “Red Flag Indicators” for CAs carrying out notified activities on behalf of their clients.
The notification, guidelines, and other relevant information are hosted on the ICAI Portal for reference by members.

Synopsis:

Based on the information provided, it seems that the Institute of Chartered Accountants of India (ICAI) has issued a notification regarding the Prevention of Money Laundering Act, 2002, and the Financial Intelligence Unit - India (FIU-IND) has issued “Red Flag Indicators” for Chartered Accountants (CAs) carrying out notified activities on behalf of their clients. Here’s a breakdown of the key points from the provided text:

Notification Details

Issuing Authority: Central Government

Notification Date: May 3, 2023

Relevant Persons: Individuals who obtained a certificate of practice under the Chartered Accountants Act, 1949, the Company Secretaries Act, 1980, and the Cost Accountants Act, 1959

Notified Financial Transactions:

Buying and selling of any immovable property
Managing client money, securities, or other assets
Management of bank, savings or securities accounts
Organization of contributions for the creation, operation, or management of companies
Creation, operation, or management of companies, limited liability partnerships or trusts, and buying and selling of business entities

Access to Information

The notification, guidelines, and other relevant information are hosted on the ICAI Portal at ICAI AML Compliance.

A compilation of Frequently Asked Questions (FAQs) on the May 3, 2023, Notification is available on the ICAI portal at ICAI FAQs.

The “Red Flag Indicators” issued by FIU-IND are available in the SSP login of the Members in practice.

Compliance and Contact Information

Members in practice carrying out notified activities are advised to go through the “Red Flag Indicators” and ensure compliance only if they are a Reporting Entity while performing professional work.

For queries or further information, members can contact the Committee on Commercial Laws, Economic Advisory & NPO Cooperative at cclea.aml@icai.in or through the provided contact numbers.

Conclusion

The notification and “Red Flag Indicators” aim to ensure compliance with the Prevention of Money Laundering Act, 2002, and provide guidance to CAs and other relevant persons in carrying out notified financial transactions on behalf of their clients.

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<h2>Case Name: </h2> Prevention of Money Laundering Act, 2002 - Notification and Red Flag Indicators for Chartered Accountants <h2>Key Takeaways:</h2> <ol><li>The Central Government has notified specific financial transactions carried out by relevant persons, such as CAs, under the Prevention of Money Laundering Act, 2002.</li><li>FIU-IND has issued “Red Flag Indicators” for CAs carrying out notified activities on behalf of their clients.</li><li>The notification, guidelines, and other relevant information are hosted on the ICAI Portal for reference by members.</li></ol> <h2>Synopsis:</h2>Based on the information provided, it seems that the Institute of Chartered Accountants of India (ICAI) has issued a notification regarding the Prevention of Money Laundering Act, 2002, and the Financial Intelligence Unit - India (FIU-IND) has issued “Red Flag Indicators” for Chartered Accountants (CAs) carrying out notified activities on behalf of their clients. Here’s a breakdown of the key points from the provided text: <h2>Notification Details</h2> Issuing Authority: Central Government Notification Date: May 3, 2023 Relevant Persons: Individuals who obtained a certificate of practice under the Chartered Accountants Act, 1949, the Company Secretaries Act, 1980, and the Cost Accountants Act, 1959 <h2>Notified Financial Transactions:</h2> <ol><li>Buying and selling of any immovable property </li><li>Managing client money, securities, or other assets </li><li>Management of bank, savings or securities accounts </li><li>Organization of contributions for the creation, operation, or management of companies </li><li>Creation, operation, or management of companies, limited liability partnerships or trusts, and buying and selling of business entities</li></ol> <h2>Access to Information</h2> The notification, guidelines, and other relevant information are hosted on the ICAI Portal at ICAI AML Compliance. A compilation of Frequently Asked Questions (FAQs) on the May 3, 2023, Notification is available on the ICAI portal at ICAI FAQs. The “Red Flag Indicators” issued by FIU-IND are available in the SSP login of the Members in practice. <h2>Compliance and Contact Information</h2> Members in practice carrying out notified activities are advised to go through the “Red Flag Indicators” and ensure compliance only if they are a Reporting Entity while performing professional work. For queries or further information, members can contact the Committee on Commercial Laws, Economic Advisory &amp; NPO Cooperative at cclea.aml@icai.in or through the provided contact numbers. <h2>Conclusion</h2> The notification and “Red Flag Indicators” aim to ensure compliance with the Prevention of Money Laundering Act, 2002, and provide guidance to CAs and other relevant persons in carrying out notified financial transactions on behalf of their clients.

<h2>Case Name: </h2> Prevention of Money Laundering Act, 2002 - Notification and Red Flag Indicators for Chartered Accountants <h2>Key Takeaways:</h2> <ol><li>The Central Government has notified specific financial transactions carried out by relevant persons, such as CAs, under the Prevention of Money Laundering Act, 2002.</li><li>FIU-IND has issued “Red Flag Indicators” for CAs carrying out notified activities on behalf of their clients.</li><li>The notification, guidelines, and other relevant information are hosted on the ICAI Portal for reference by members.</li></ol> <h2>Synopsis:</h2>Based on the information provided, it seems that the Institute of Chartered Accountants of India (ICAI) has issued a notification regarding the Prevention of Money Laundering Act, 2002, and the Financial Intelligence Unit - India (FIU-IND) has issued “Red Flag Indicators” for Chartered Accountants (CAs) carrying out notified activities on behalf of their clients. Here’s a breakdown of the key points from the provided text: <h2>Notification Details</h2> Issuing Authority: Central Government Notification Date: May 3, 2023 Relevant Persons: Individuals who obtained a certificate of practice under the Chartered Accountants Act, 1949, the Company Secretaries Act, 1980, and the Cost Accountants Act, 1959 <h2>Notified Financial Transactions:</h2> <ol><li>Buying and selling of any immovable property </li><li>Managing client money, securities, or other assets </li><li>Management of bank, savings or securities accounts </li><li>Organization of contributions for the creation, operation, or management of companies </li><li>Creation, operation, or management of companies, limited liability partnerships or trusts, and buying and selling of business entities</li></ol> <h2>Access to Information</h2> The notification, guidelines, and other relevant information are hosted on the ICAI Portal at ICAI AML Compliance. A compilation of Frequently Asked Questions (FAQs) on the May 3, 2023, Notification is available on the ICAI portal at ICAI FAQs. The “Red Flag Indicators” issued by FIU-IND are available in the SSP login of the Members in practice. <h2>Compliance and Contact Information</h2> Members in practice carrying out notified activities are advised to go through the “Red Flag Indicators” and ensure compliance only if they are a Reporting Entity while performing professional work. For queries or further information, members can contact the Committee on Commercial Laws, Economic Advisory & NPO Cooperative at cclea.aml@icai.in or through the provided contact numbers. <h2>Conclusion</h2> The notification and “Red Flag Indicators” aim to ensure compliance with the Prevention of Money Laundering Act, 2002, and provide guidance to CAs and other relevant persons in carrying out notified financial transactions on behalf of their clients.

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Notification and Red Flag Indicators Issued by FIU-IND for Chartered Accountants