Money Laundering Prevention Act, 2063 (2008)

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Section 7C
Identifying real wealth

(1) When establishing a commercial relationship or doing business, the reporting organization shall take necessary mental measures to identify and confirm the real owner. (3) In determining according to sub-section (2), if it is found that a person has established a business relationship or business on behalf of another person, the reporting organization shall identify such person and verify the identity of such person in accordance with Section 7A. Measures should be taken according to clause (d) of sub-section (4) of
Money Laundering Prevention Act, 2063 (2008)
Chapter - 3
Section 6: No transaction in benami or fictitious nameSection 7: Shell Bank not to be established or operatedSection 7A: Customer must be identifiedSection 7B: Special provisions relating to the identification of high-ranking personsSection 7C: Identifying real wealthSection 7D: Risk must be identified, assessed and managedSection 7E: Comprehensive Customer Identification ArrangementsSection 7F: Simplified Customer Identification ArrangementsSection 7G: Provisions relating to the identification of existing customersSection 7H: Time to identify the customerSection 7I: Ongoing monitoringSection 7J: Customer identification and verification can be done by a third partySection 7K: New technology or non-self-present customer or transaction-related arrangementsSection 7L: Liability for Wire TransferSection 7M: Provisions relating to cross-border correspondent banking relationsSection 7N: Particular attention should be paid to special transactionsSection 7O: Not to be tradedSection 7P: Obligations of the indicator organizationSection 7Q: Liability of Branch Office or Subsidiary CompanySection 7R: Records to be preservedSection 7S: Suspicious Transaction Reporting
Chapter - 6
Section 13: AppealableSection 14: Preliminary investigationSection 15: Appointing or Designating Inquiry OfficerSection 16: Duties, Duties and Powers of Inquiry OfficerSection 17: Detention for investigationSection 18: Withholding or taking controlSection 19: Requesting the concerned countrySection 19A: Able to regularly monitor transactionsSection 19B: A passport or travel document may be withheldSection 19C: Able to adopt special research techniquesSection 20: To be kept safeSection 21: Assistance of related agencies can be takenSection 22: A lawsuit should be filedSection 23: LimitationSection 24: Being pro-governmentSection 25: Section 25A: To be sent in writingSection 26: Confidentiality not to be breachedSection 27: automaticallySection 28: Source of wealth to be provedSection 29: Prosecution and punishment will not be hindered
Chapter - 8
Section 35: National Risk Assessment to be doneSection 36: Assets to be releasedSection 37: No punishment for giving informationSection 38: Can be sold by auctionSection 39: Departmental punishment will be imposed on the staff involved in the investigationSection 40: Provisions relating to compliance with deadlinesSection 41: Publication of NoticeSection 42: Explanation of intentionSection 43: Action and settlement of the case will not be hinderedSection 44: Punishment claims may be exemptedSection 44A: Notice or information not to be disclosedSection 44B: Special provisions relating to confidentialitySection 44D: Minimum expenses can be paidSection 44E: Computer-processed records admissible as evidenceSection 44F: Information to be given to the Ministry of Foreign AffairsSection 46: Power to make rulesSection 44C: To be transacted through a financial institution or banking instrumentSection 45: AwardingSection 47: Can issue guidelines