Prasant Kumar Chowdhury
4 years 7 months ago
Penalty on the reporting entity for conversion of Section 12AA of The Prevention of Money Laundering Act, 2002 should be increased from Rupees (10,000 to 1 Lakh) as it is very low.
Incidents of willful contravention have increased by employees of the reporting entities for selling insurance policies with false statement of facts over telephone without any verifying that whether client have any source of income or not. Reporting entities are giving false information of income of clients.
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