IGNOU BLE 14 2026 - Discuss in detail the responsibilities of Banks under the PMLA,

Question

Discuss in detail the responsibilities of Banks under the PMLA, 2002 and KYC guidelines.

19 Jan 2026

Answer :

Word Count : 466

Banks play a critical role in the prevention of money laundering and terrorist financing under the Prevention of Money Laundering Act, 2002 (PMLA) and associated Know Your Customer (KYC) guidelines. Their responsibilities are multi-faceted, encompassing customer identification, monitoring of transactions, reporting of suspicious activities, record maintenance, and adherence to regulatory compliance frameworks. Under PMLA, banks are obligated to adopt stringent measures to ensure that their services are not misused for laundering illicit proceeds. This begins with proper customer due diligence (CDD), which involves obtaining and verifying accurate information about the identity, address, and nature of the business of

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