Regulatory Alerts2019-05-23
Disclosure of Information – Section 34 of AML Act 2010
The Financial Monitoring Unit mandates strict confidentiality regarding suspicious transaction reports and financial intelligence shared under the AML Act 2010 to prevent unauthorized disclosure of investigative leads. Reporting entities are legally prohibited from notifying individuals involved in reported transactions, with violations punishable by up to three years imprisonment or fines of five hundred thousand rupees. Regulatory bodies must ensure their reporting entities maintain these standards, as failure to comply will trigger enforcement actions under the Act.
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