Sebi on Friday asked the stock exchanges and market intermediaries to identify and assess the money laundering and terror financing risks that may arise from the development of new products and new business practices.
In addition, they have been directed to undertake such risk assessments before the launch or use of such products, practices, services and technologies, Sebi said in its updated guidelines on anti-money laundering standards and combating the financing of terrorism obligations of securities market intermediaries.
The development comes after the government amended the Prevention of Money Laundering (Maintenance of Records) Rules or PMLA rules in March.
In its guidelines, Sebi said that every intermediary will have to register the details of a client, in case of the client is a non-profit organisation, on the DARPAN portal of Niti Aayog and maintain the records for five years after the business relationship between a client and the intermediary has ended or the account ha
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