Current Affairs Telugu Daily

Banks to Check Original Documents above 50,000 Financial Transaction
The Government has made it mandatory for banks and financial institutions to check the original identification documents of individuals dealing in cash above the prescribed threshold, to weed out the use of forged or fake copies. The Prevention of Money Laundering Act (PMLA) imposes an obligation on reporting entities like banks, financial institutions and intermediaries to verify the identity of clients, maintain records and furnish information the Financial Intelligence Unit of India (FIUIND). Aadhaar number and other official documents are required to be obtained from anyone opening a bank account, as well as for any financial transaction of 50,000 and above
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