Now, CAs, CS & cost accountants in PMLA fold

5 Broad Deals Under Lens

- Buying and selling of immovable property

- Managing of client money, securities or other assets

- Management of bank, savings or securities accounts

- Organisation of contributions for the creation

- Operation or management of companies

New Delhi: Chartered Accountants (CAs), Cost Accountants and Company Secretaries (CS) have been brought under the anti-money laundering law for five specified financial transactions, including buying and selling of any properties and management of bank accounts, undertaken on behalf of their clients.

A notification to this effect was issued by the Finance Ministry on May 3. The five broad categories of financial transactions listed in the notification are buying and selling of immovable property; managing of 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.

The Institute of Chartered Accountants of India (ICAI) in a statement said Chartered Accountants have now become reporting entity for the purposes of these specified transactions. “As a reporting entity they have to do KYC of all clients entering into above transactions and maintain record thereof,” ICAI said.