Amendment status not verified — confirm the current text below against the official source.
As prescribed under Section 13 of the PMLA, any reporting entity may be required to get its records audited by a Chartered Accountant appointed by the Central Government. A monetary penalty may also be imposed on the reporting entity, its director or the employees for failure to fulfil the obligations cast upon them by the PMLA or rules made there under. A delay in not reporting a transaction as prescribed under these rules shall also constitute violation of the PMLA and the rules made thereunder.