CA, CS and CMA Professionals brought under the Prevention of Money Laundering Act for Financial Transaction carried on behalf of Clients

In exercise of the powers conferred by sub-clause (vi) of clause (sa) of sub-section (1 ) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby notifies that the financial transactions carried out by a relevant person on behalf of his client, in the course of his or her profession, in relation to the following activities

1. buying and selling of any immovable property;

2. managing of client money, securities or other assets;

3. management of bank savings or securities accounts:

4. organisation of contributions for the creation, operation or management of companies;

5. creation, operation or management of companies, limited liability partnerships or trusts, and buying and selling of business entities,

shall be an activity for the purposes of said sub-section.

Explanation 1.

For the purposes of this notification ‘relevant person’ includes-

an individual who obtained a certificate of practice under section 6 of the Chartered Accountants Act, 1949 (38 of 1949) and practicing individually or through a firm, in whatever manner it has been constituted;

an individual who obtained a certificate of practice under section 6 of the Company Secretaries Act, 1980 (56 of 1980) and practicing individually or through a firm, in whatever manner it has been constituted;

an individual who has obtained a certificate of practice under section 6 of the Cost and Works Accountants Act, 1959 (23 of 1959) and practicing individually or through a firm, in whatever manner it has been constituted.

Explanation 2.

For the purposes of this notification ‘firm’ shall have the same meaning assigned to it in sub-clause (i) of clause (23) of section 2 of the Income-tax Act 1961 (43 of 1961).

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