Sebi tweaks anti-money laundering guidelines; partners with 10% stake to come under beneficial owners
New Delhi: Capital markets regulator Sebi on Friday tweaked guidelines pertaining to anti-money laundering standards, whereby partners holding a 10 per cent stake in a firm will come under the definition of beneficial owners. Earlier, the requirement was 15 per cent.
The development comes after the government amended the Prevention of Money Laundering (Maintenance of Records) Rules or PMLA rules in September.
In case the client is a partnership firm, the beneficial owner would be the one who has ‘ownership of/ entitlement to more than 10 per cent of capital or profits of the partnership or who exercises control through other means’, Sebi said in its updated guidelines on anti-money laundering standards and combating the financing of terrorism obligations of securities market intermediaries.
