F . NO.P-120111712019-ES fell -DoR

9b6414ad2eacd2946e1b8412e2da61f84cf07407 · 2002 · State unknown

Download PDF Parent Act Back to Subordinates

Parent: THE PREVENTION OF MONEY -LAUNDERING ACT, 2002 (544a163435adf0662860bb3ba3dcf1402ee412e2)

Text

Subject: F . NO.P-120111712019-ES fell -DoR Government of Ind a Ministry of Financ Department of Reve ue CIRCULAR Procedure for processing of applic , tions under Section 11A of the Prevention of Money-Laundering tct, 2002 for use of Aadhaar authentication services by entities other than Banking companies . Section 11A of the Prevention of Money aundering Act , 2002 (hereinafter referred to as the Act) and the rules made ther under provide that any reporting entity being a banking company can accept Aadh ar number from its client either at their option or when the client intends to reCeiVejny benefit or subsidy under any scheme notified under section 7 of the Aadhaar ( argeted Delivery of Financial and Other subsidies , Benefits and Services) Act , 2016 nd carry out authentication of the clie1t's Aadhaar number using e-KYC auth ~ nticati[n facility pr~,vided by the Unique Identification Authority of India . 1 , " 2 . The Act also provides that the Central GOIernment may , if satisfied that a reporting entity other than banking company , complies with such standards of privacy and security under the Aadhaar (Targete Delivery of Financial and Other Subsidies , Benefits and Services) Act , 2016 , and i is necessary and expedient to do so , by notification , permit such entity to carry ut authentication of the client's Aadhaar number using e-KYC authentication facil ty . However, no such notification shall be issued without consultation with the Uniq e Identification Authority of India (UIDAI) established under sub-section (1) of section 11 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefit ~ and Services) Act , 2016 and the appropriate regulator . Any reporting entity which desires to car out authentication of the client's Aadhaar number using e-KY

Rule TOC

11A · of the Prevention of Money aundering Act , 2002 (hereinafter referred to as the Act) and the rules made ther under provide that any reporting entity being a banking company can accept Aadh ar number from its client either at their option or when the client intends to reCeiVejny benefit or subsidy under any scheme notified under section 7 of the Aadhaar ( argeted Delivery of Financial and Other subsidies , Benefits and Services) Act , 2016 nd carry out authentication of the clie1t's Aadhaar number using e-KYC auth ~ nticati[n facility pr~,vided by the Unique Identification Authority of India . 1 , "

2 · . The Act also provides that the Central GOIernment may , if satisfied that a reporting entity other than banking company , complies with such standards of privacy and security under the Aadhaar (Targete Delivery of Financial and Other Subsidies , Benefits and Services) Act , 2016 , and i is necessary and expedient to do so , by notification , permit such entity to carry ut authentication of the client's Aadhaar number using e-KYC authentication facil ty . However, no such notification shall be issued without consultation with the Uniq e Identification Authority of India (UIDAI) established under sub-section (1) of section 11 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefit ~ and Services) Act , 2016 and the appropriate regulator .

1 · . Governor, Reserve Bank of India , Central ffice Building , 18 th Floor, Shahid Bhagat Singh Road , Mumbai -400001 .

2 · . Chairman, Securities and Exchange Board f India , Plot No . C4-A , "G " Block, Bandra Kurla Complex , Bandra (East) Mum ai - 400 051 .

3 · . Chairman , Insurance Regulatory and Devel pment Authority of India , Sy No. 115/1, Financial District , Nanakramguda, Ga hibowli, Hyderabad -500032 .

4 · . Chairman , Pension Fund Regulatory and D velopment Authority , B -14/A . 1 st Floor , Chhatrapati Shivaji Bhawan , Qutab Institutional Area , Katwaria Sarai , New Delhi-110016 .

5 · . Similarly , UIDAI is also requested to put in p ace systems to ensure continuing compliance by the reporting entities which have b en notified under section 11A of the Act to carry out authentication of the client' Aadhaar number using e-KYC authentication facility to the standards of privacy nd security prescribed by UIDAI . Where UIDAI notices any default by the reportin entities , it may take necessary action under the Aadhaar Act and regulations fram d thereunder, inter-alia including suspension and cancellation and also bring it 0 the notice of Department of Revenue for further necessary action.

7 · . Director, Financial Intelligence Unit-India , . th Floor, Hotel Samrat , kautilya Marg , Chanakyapuri, New Delhi .