Description:
In this regard, it is stated that SEBI has no objection to a BO authorizing the capture of an address of a third party as a correspondence address, provided that the Depository Participant (DP) ensures that all prescribed ‘Know your Client’ norms are fulfilled for the third party also. The DP shall obtain proof of identity and proof of address for the third party . the DP shall also ensure that customer due diligence norms as specified in Rule 9 of Prevention of Money laundering Rules,2005 are complied with in respect of the third party.
Source:
1. www.tpcc.in.
2. The Tax Referencer .Volume117. Issue No.2 10 January2011 Page No.104.
Our Comment:
Third Party Address Given For Correspondence Is Valid Compliance Under Money Laundering Rules, 2005
Third Party Address Given For Correspondence Is Valid Compliance Under Money Laundering Rules, 2005
