Every international transaction above ₹50,000 will be subject to closer scrutiny and a reporting entity will have to identify clients, verify their identity and also ascertain purpose of the business if not well defined. The latest rule also mandated reporting entities, which are part of a group, to have adequate safeguards on the confidentiality and use of information exchanged, including safeguards to prevent tipping-off.
Subscribe to our mailing list to get the latest magazine!
1 day ago
2 days ago