PMLA 2002 has implications for capital markets and specifically for Mutual Funds. Following this entities under individual regulators like SEBI, IRDA, PFRDA et.. in the field of finance has to comply with Anti Money Laundering & Combating Financing of Terrorism requirements prescribed.
Minimum Standards Recommendations on Anti-Money Laundering Combating Financing of Terrorism & Know Your Customer Policy for mutual funds were issued by AMFI in June 2018.
1. Do KYC process: Address proof , Identity proof and a recent photograph along with prescribed application form
2. If, already having KYC , then proceed to invest in mutual fund
One can invest in mutual funds by submitting a duly completed application form alongwith a cheque or bank draft at the branch office or designated Investor Service Centres (ISC) of mutual Funds or Registrar & Transfer Agents of the respective the mutual funds.
Incidentally, author is a Mutual Fund distributor with ARN duly renewed
Happy Investing
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