The government has revealed the six reporting companies are authorised to provide authentication under the Aadhaar Act for Section 11A of the Money Laundering Act.
Reetu | Jan 17, 2024 |
Govt. notifies 6 Private Finance Companies to Perform Authentication under Aadhaar and PMLA
The Central Government has revealed the six reporting companies that must comply with the privacy and security criteria outlined in the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits, and Services) Act. Furthermore, these businesses are authorised to provide Aadhaar authentication under the Aadhaar Act for the purposes of Section 11A of the Money Laundering Act.
The decision was made after conferring with the Unique Identification Authority of India (UIDAI) and the regulator, the Reserve Bank of India (RBI), under Section 11A of the Money Laundering Act.
The ministry has officially conveyed its decision via official gazette notification number S.O. 180(E), dated January 16, 2024. The government reached this conclusion after consulting with both the UIDAI and the RBI and expressed satisfaction with the performance of the six financial companies.
The 6 Finance Companies are as follows:
This step broadens the reach of these financial institutions to use Aadhaar-based authentication to verify individuals’ identities, enabling smooth and safe access to financial services.
Furthermore, the authorization allows these organisations to play an important role in the prevention of money laundering operations, in accordance with the regulatory framework in place to combat financial crimes.
In case of any Doubt regarding Membership you can mail us at [email protected]
Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"
