General Studies · PMLA and Para-Banking Regulations
Based on the statutory obligations under the Prevention of Money Laundering Act (PMLA) and the Reserve Bank of India (RBI) guidelines on para-banking, which of the following identifies a fundamental error in the regulatory thresholds mentioned under standard Indian banking laws?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The Principal Officer of a bank must route all Suspicious Transaction Reports through the Ministry of Finance instead of FIU-IND.
- 2Banks are strictly prohibited from distributing mutual funds under any circumstances.
- 3Historically, the standard threshold for identifying a beneficial owner via controlling ownership interest in a company and partnership firm was 25% and 15% respectively, rather than a uniform 10%.✓
- 4The record-keeping requirement under PMLA is actually ten years, not five years.
Correct answer
Historically, the standard threshold for identifying a beneficial owner via controlling ownership interest in a company and partnership firm was 25% and 15% respectively, rather than a uniform 10%.
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