Prevention of Money Laundering Act (PMLA), 2002

Prevention of Money Laundering Act (PMLA), 2002

The PMLA, 2002 casts certain obligations on the banking companies in regard to maintenance
and reporting of the following types of transactions:

a) all cash transactions of the value of more than Rs 10 lakh or its equivalent in foreign
currency;

b) all series of cash transactions integrally connected to each other which have been
valued below Rs 10 Lakh or its equivalent in foreign currency where such series of
transactions have taken place within a month and the aggregate value of such
transactions exceeds Rs 10 Lakh;

c) all cash transactions where forged or counterfeit currency notes or bank notes have
been used as genuine and where any forgery of a valuable security or a document has
taken place facilitating the transaction; and

d) all suspicious transactions whether or not made in cash