PMLA
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for VIDEO LECTURES OF ASHISH SIR (FOR ALL SCALES) — Bank Promotions.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What does PMLA stand for in the context of Indian banking law?
PMLA stands for Prevention of Money Laundering Act, enacted in 2002 and enforced from July 1, 2005, to prevent money laundering and confiscate proceeds of crime.
What is the year of enactment of the Prevention of Money Laundering Act in India?
PMLA was enacted in 2002 and came into force in 2005.
Which authority is the nodal agency for enforcement of PMLA in India?
The Enforcement Directorate (ED) under the Ministry of Finance is the nodal agency responsible for enforcement of PMLA in India.
Which ministry administers the Prevention of Money Laundering Act?
The Ministry of Finance administers PMLA.
What is the primary objective of the Prevention of Money Laundering Act, 2002?
The primary objective of PMLA is to prevent money laundering, attach and confiscate property derived from money laundering, and provide for matters connected therewith.
What is the maximum punishment for money laundering under PMLA?
Maximum punishment is seven years imprisonment and fine.
What is the term 'money laundering' as defined under PMLA?
Money laundering means projecting or claiming any proceeds of crime as untainted property, i.e., converting illegally obtained funds into apparently legitimate assets.
What is the full form of STR in the context of PMLA compliance?
STR stands for Suspicious Transaction Report.
Video classes for this chapter
More chapters in Latest Updates
Master the full VIDEOLECTURE syllabus
Every chapter of VIDEO LECTURES OF ASHISH SIR (FOR ALL SCALES) — videos, tests, notes and one-liner decks in one place.