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Financial Intelligence and Anti Money Laundering Act of 2019 Proclaimed on November 5

The Financial Intelligence and Anti Money Laundering Act of 2019 has been published and including the need for every reporting person through the Money Laundering Reporting Officer to make an electronic application for registration.

While in the case of reporting office unable to appoint Money Laundering Reporting Officer, an application for registration shall be made with the FIU. Any reporting person failing to register with the FIU shall commit an offence under the law and liable to a fine not exceeding Rs 1 million.

Source: Download full Financial Intelligence and Anti Money Laundering Act of 2019.