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Glossary / Also known as

PMLA compliance

Another name for Anti-Money Laundering (AML).

Other names
  • AML
  • anti money laundering
Read the full definition All terms

What does PMLA compliance mean?

PMLA compliance is another name for Anti-Money Laundering (AML). Regulations and processes to detect, prevent, and report money laundering activities in the financial system.

The two names mean the same thing. You will see "PMLA compliance" in some ledgers, reports and contracts and "AML" in others. The full entry covers how it works, with examples.

Read the full definition of Anti-Money Laundering (AML)

Topics

From the glossary

Related terms.

Trade and foreign exchange Anti-Money Laundering (AML) Regulations and processes to detect, prevent, and report money laundering activities in the financial system. Also called anti money laundering, PMLA compliance Vendor onboarding KYC (Know Your Customer) The mandatory identity verification process used by financial institutions and businesses to confirm client identities and prevent fraud. Also called know your customer checks, KYC verification, customer due diligence Trade and foreign exchange Directorate of Enforcement (ED) India's financial investigation agency responsible for enforcing FEMA and PMLA, investigating economic crimes and money laundering. Also called Enforcement Directorate Trade and foreign exchange FATF Compliance Adherence to the Financial Action Task Force standards for combating money laundering, terrorist financing, and proliferation financing. Also called Financial Action Task Force compliance, FATF recommendations Trade and foreign exchange FEMA (Foreign Exchange Management Act) India's primary legislation governing foreign exchange transactions, cross-border investments, and external trade payments. Also called FEMA 1999, foreign exchange regulations Trade and foreign exchange Benami Transaction A transaction where property is held under a fictitious or proxy name, prohibited and punishable under Indian law. Also called benami property transaction
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