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What are the CDD Measures for Individuals as per PMLA Act 2002?

In case the customer is an individual following documents are required for due diligence ​ (a) the Aadhaar number where, (i) the proof of possession of Aadhaar number where offline verification can be carried out; or (ii) the proof of possession of Aadhaar number where offline verification cannot be

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PMLA Rules from a User POV

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What is an Intermediary?

Intermediary means, (i) a stock-broker, share transfer agent, banker to an issue, trustee to a trust deed, registrar to an issue, merchant banker, underwriter, portfolio manager, investment adviser or any other intermediary associated with securities market and registered under section 12 of the Sec

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PMLA Rules from a Reporting Entity POV

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What are the actions for not complying with the obligations under PMLA?

If the Director, in the course of any inquiry, finds that a reporting entity or its designated director on the Board or any of its employees has failed to comply with the obligations under Chapter IV of the Prevention of Money Laundering Act, 2002 , then, without prejudice to any other action that m

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PMLA Rules from a Reporting Entity POV

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What type of information is required to be furnished under PMLA?

Every reporting entity is required to furnish information about: all cash transactions of the value of more than ten lakh rupees or its equivalent in foreign currency all series of cash transactions integrally connected to each other which have been individually valued below rupees ten lakh or its e

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PMLA Rules from a Reporting Entity POV

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When should the verification of identity of clients be undertaken?

Every reporting entity shall identify its clients, verify their identity, obtain information on the purpose and intended nature of the business relationship; and determine whether a client is acting on behalf of a beneficial owner, and identify the beneficial owner and take all steps to verify the i

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PMLA Rules from a Reporting Entity POV

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What is a Non-banking Financial Company?

Non-banking financial company shall have the same meaning as assigned to it in clause (f) of section 45-I of the Reserve Bank of India Act, 1934.

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PMLA Rules from a Reporting Entity POV

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Who has the responsibility to furnish information to Director, FIU-IND

Every reporting is required to communicate to the Director the name, designation and address of the Designated Director and the Principal Officer. The Principal Officer shall furnish the information referred to in Rule 3 of Prevention of Money-Laundering (Maintenance of Records) Rules 2005, to the D

Knowledge Base Article

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PMLA Rules from a Reporting Entity POV

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Which documents need to be submitted to the Reporting Entity for Client Due Diligence, verified and maintained when the client is an individual?

Where the client is an individual, he shall submit to the reporting entity, (a) the Aadhaar number where, he is desirous of receiving any benefit or subsidy or where he decides to submit his Aadhaar number voluntarily; or (b) the proof of possession of Aadhaar number where offline verification can b

Knowledge Base Article

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PMLA Rules from a Reporting Entity POV

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What is the process of KYC under PMLA?

KYC stands for Know Your Customer. Under PMLA, Reporting Entities are required to obtain information about their customers' identity, address, occupation, and other relevant details by collecting their PAN, Officially Valid Documents (OVD) & other related documents.

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PMLA Rules from a User POV

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What is a Banking Company?

Banking company under PMLA means a banking company or a cooperative bank to which the Banking Regulation Act, 1949 1949 (10 of 1949) applies and includes any bank or banking institution referred to in section 51 of that Act.

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PMLA Rules from a Reporting Entity POV

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What are the proceeds of crime?

Proceeds of crime mean any property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence or the value of any such property or where such property is taken or held outside the country, then the property equivalent in value held wi

Knowledge Base Article

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PMLA Rules from a Reporting Entity POV

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Which documents need to be submitted to the RE for Client Due Diligence, when the client is a company?

Where the client is a company, it shall submit to the reporting entity the certified copies of the following documents or the equivalent e-documents thereof, namely: ​ (i) certificate of incorporation; (ii) Memorandum and Articles of Association; (iii) Permanent Account Number of the company; (iv) a

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PMLA Rules from a Reporting Entity POV

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Does PMLA, 2002 or the rules thereunder prescribe any procedures and manner verifying for identity of clients?

Yes. Rules 9 and 10 of the PML Rules prescribe the procedures & manner for verification and maintenance of the records of the identity of clients.

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PMLA Rules from a Reporting Entity POV

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Who is a reporting entity?

Reporting entity means a banking company, financial institution, intermediary or a person carrying on a designated business or profession.

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PMLA Rules from a Reporting Entity POV

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Can Director, FIU-IND issue summons for discovery and production?

The Director shall, for the purposes of section 13, have the same powers as are vested in a civil Court under the Code of Civil Procedure, 1908 (5 of 1908) while trying a suit in respect of the following matters, namely (a) discovery and inspection; (b) enforcing the attendance of any person, includ

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PMLA Rules from a Reporting Entity POV

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Is Two-Factor Authentication (2FA) recommended?

Yes. We strongly recommend enabling Two-Factor Authentication (2FA) to add an extra layer of security to your CoinDCX account. Even if someone gains access to your password, they won't be able to access your account without the verification code generated by your Google Authenticator app.

Knowledge Base Article

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OTP & Two-Factor Authentication (2FA)

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What's the difference between an OTP and 2FA?

Although both help verify your identity, they work differently: OTP 2FA Sent to your registered email address or mobile number. Generated by the Authenticator app on your device. Used for identity verification during account-related actions. Adds an extra layer of security during login and other sen

Knowledge Base Article

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OTP & Two-Factor Authentication (2FA)

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What is the Secret Key, and why should I save it?

The Secret Key is a unique code used to link your CoinDCX account with Google Authenticator. Keep it in a safe place. If you change or lose your phone, you can use the Secret Key to restore your 2FA without setting it up again. Never share your Secret Key with anyone, including someone claiming to b

Knowledge Base Article

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OTP & Two-Factor Authentication (2FA)

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Can civil court grant injunction against any action taken by the Director, FIU-IND?

No civil Court shall have jurisdiction to entertain any suit or proceeding in respect of any matter which the Director, an Adjudicating Authority or the Appellate Tribunal is empowered by or under this Act to determine and no injunction shall be granted by any Court or other authority in respect of

Knowledge Base Article

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PMLA Rules from a Reporting Entity POV

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Whether any civil or criminal proceedings can be initiated for furnishing information?

No. It is provided for in section 14 of the Prevention of Money Laundering Act, 2002, that the reporting entity, its directors and employees shall not be liable to any civil or criminal proceedings against them for furnishing information under clause (b) of sub-section (l) of section 12.

Knowledge Base Article

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PMLA Rules from a Reporting Entity POV

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The information and material contained herein are subject to change without prior notice including prices which may fluctuate based on market demand and supply. The material available on the site is proprietary to CoinDCX, its parent, Licensor and/or its affiliates and is for informational purposes and informed investors only. This material is not: (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, or (ii) intended to provide accounting, legal, or tax advice, or investment recommendations. Note Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.

*Data sourced from Looker app as on 01st May,2023
*Data as on 01st May,2023
*Quarterly trading volume for Q4 FY'22. Currency conversion rate applied as in data capturing period
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