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PMLA — Guides, Updates & Practical Insights

Anti-money laundering obligations, reporting entities and enforcement.

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PMLA · COMPLETE GUIDE

Rule 9(4) to (19) of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005: KYC documents by client type and ongoing due diligence

An individual gives the Aadhaar number (where benefits are sought or it is offered voluntarily) or proof of possession of Aadhaar or an officially valid document, the Permanent Account Number or Form No. 60, and any other documents on business and financial status the reporting entity requires. A...

Updated 02 Oct 202612 min read✓ Reviewed
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Section 1 of the Prevention of Money-laundering Act, 2002: short title, extent, commencement and the authority terms defined

The Act is called the Prevention of Money-laundering Act, 2002 and extends to the whole of India. It came into force by notification: the footnote to section 1(3) in the text consulted prints "1st July, 2005, vide notification No. G.S.R. 436(E), dated 1st July, 2005". Different dates could be...

7 min read02 Oct 2026
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PMLA

Section 2 of the Prevention of Money-laundering Act, 2002: reporting entity, financial institution, intermediary and beneficial owner defined

A reporting entity is a banking company, a financial institution, an intermediary or a person carrying on a designated business or profession (section 2(1)(wa)). A financial institution includes a chit fund company, a housing finance institution, an authorised person, a payment system operator, a...

9 min read02 Oct 2026
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PMLA

Section 2 of the Prevention of Money-laundering Act, 2002: proceeds of crime, property, scheduled offence and other key terms

Proceeds of crime means property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence, or the value of such property. Property covers assets of every description, wherever located, including property used in committing an...

8 min read02 Oct 2026
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PMLA

Section 3 of the Prevention of Money-laundering Act, 2002: offence of money-laundering

Under section 3, the offence is committed by a person who attempts to indulge, knowingly assists, knowingly is a party, or is actually involved in any process or activity connected with the proceeds of crime, including its concealment, possession, acquisition or use and projecting or claiming it as...

6 min read02 Oct 2026
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PMLA

Section 4 of the Prevention of Money-laundering Act, 2002: punishment for money-laundering

A person who commits the offence of money-laundering is punishable with rigorous imprisonment for not less than three years, which may extend to seven years, and is also liable to fine. Where the proceeds of crime relate to an offence under paragraph 2 of Part A of the Schedule, the words "seven...

6 min read02 Oct 2026
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PMLA

Section 5 of the Prevention of Money-laundering Act, 2002: provisional attachment of property

The officer must have reason to believe, recorded in writing, that a person possesses proceeds of crime likely to be concealed, transferred or dealt with so as to frustrate confiscation. The order lasts not more than one hundred and eighty days. A copy goes to the Adjudicating Authority in a sealed...

7 min read02 Oct 2026
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PMLA

Sections 6–7 of the Prevention of Money-laundering Act, 2002: Adjudicating Authority, composition, powers and staff

The Central Government appoints an Adjudicating Authority by notification. It consists of a Chairperson and two other Members, who hold office for five years and not after attaining sixty-five years of age. It is not bound by the Code of Civil Procedure, 1908, but is guided by natural justice and...

8 min read02 Oct 2026
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PMLA

Section 8 of the Prevention of Money-laundering Act, 2002: adjudication, confirmation of attachment and confiscation

On a complaint under section 5(5) or an application under section 17(4) or 18(10), the Adjudicating Authority, if it has reason to believe, may serve a notice of not less than thirty days calling on the person to show the sources of income and why the property should not be declared involved in...

9 min read02 Oct 2026
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PMLA

Sections 9–10 of the Prevention of Money-laundering Act, 2002: vesting of confiscated property and its management

After an order of confiscation under section 8(5) or (7), section 58B or section 60(2A), all rights and title vest absolutely in the Central Government, clear of all encumbrances. An encumbrance or lease-hold interest created to defeat the Chapter can be declared void after the person interested is...

7 min read02 Oct 2026
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