Economics · Banking Regulations
Under which statutory regulation was the KYC (Know Your Customer) framework primarily mandated for financial transactions in India to counter illicit flows?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Banking Regulation Act, 1949
- 2Prevention of Money Laundering Act, 2002✓
- 3Reserve Bank of India Act, 1934
- 4Companies Act, 2013
Correct answer
Prevention of Money Laundering Act, 2002
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