Section 12A of The Prevention of Money-Laundering Act, 2002
1[12A. Access to information.--(1) The Director may call for from any reporting entity any of the records referred to in 2[section 11A, sub-section (1) of section 12, sub-section (1) of section 12AA] and any additional information as he considers necessary for the purposes of this Act.
- (2)Every reporting entity shall furnish to the Director such information as may be required by him under sub-section (1) within such time and in such manner as he may specify.
- (3)Save as otherwise provided under any law for the time being in force, every information sought by the Director under sub-section (1), shall be kept confidential.]
Summary
- The Director has the authority to call for records and additional information from any reporting entity.
- The records that can be called for include identity verification records, transaction records, and enhanced due diligence information.
- Reporting entities are legally obligated to furnish this required information to the Director.
- The reporting entity must provide the records within the specific time and in the specific manner that the Director decides.
- All information requested by the Director under this section must be kept confidential, unless another law says otherwise.
Practical examples
FAQ
1. Who has the power to call for records under this provision?
The Director is the designated authority who has the power to call for records and additional information from any reporting entity.
2. What specific records can the Director call for?
The Director can call for identity verification records, transaction records, enhanced due diligence records, and any additional information considered necessary.
3. Does a reporting entity have a choice when the Director requests records?
No. Every reporting entity is legally required to furnish the information to the Director within the time and in the manner specified by him.
4. Is the information shared with the Director kept private?
Yes. All information sought by the Director must be kept confidential, unless another law that is currently in force provides otherwise.
Test yourself
Q1.Under Section 12A of The Prevention of Money-Laundering Act, 2002, which records is the Director authorized to call for from a reporting entity?
Q2.Under Section 12A of The Prevention of Money-Laundering Act, 2002, how is the timeline for submitting requested records decided?
Q3.Under Section 12A of The Prevention of Money-Laundering Act, 2002, what is the default rule regarding the privacy of the information requested by the Director?
Q4.Under Section 12A of The Prevention of Money-Laundering Act, 2002, how does this section connect with the reporting obligations in Section 12?