CA, CS handling client money brought under PMLA ambit

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New Delhi, May 5

The Ministry of Finance has amended the rules to bring chartered and cost accountants and company secretaries under the ambit of the Prevention of Money laundering Act (PMLA) with regard to five specified financial transactions, including buying and selling of any properties and management of bank accounts, undertaken on behalf of their clients, officials said.

The five broad categories of financial transactions listed in the notification are “buying and selling of immovable property; managing client money, securities or other assets; management of bank, savings or securities accounts; organisation of contributions for the creation, operation or management of companies; and creation, operation or management of companies, limited liability partnerships or trusts, and buying and selling of business entities,” they said.