‘High risk’ NBFC’s due to PMLA non-compliance
– By Ishanah Santhalia
The Financial Intelligence Unit (FIU) has released a list of 9,491 NBFCs that have been categorized as ‘high-risk’ due to non-compliance of one of the stipulated conditions mentioned in the PMLA Act and Rules. According to the FIU, these 9,491 NBFCs did not comply with the conditions of appointing a Principal Officer responsible to check and report suspicious transactions and cash transactions of 10 Lakhs and above and report it to the agency.
The article deals with the details of the non-compliance and its impact on the NBFCs as well as the actions that can be taken by the companies to get their names removed from the published list.