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Date: 10-Sep-2024 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by sub section (1) of section 11A of the Prevention of Money laundering Act, 2002 (15 of 2003) (hereinafter referred to as the Money laundering Act)

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • This gazette notification permits INDmoney Private Limited to perform authentication using Aadhaar data for the purposes of complying with the Prevention of Money-laundering Act, 2002 (PMLA).

Key Changes

  • INDmoney Private Limited, a reporting entity under the PMLA, is now authorized to use Aadhaar authentication for verifying identities as per Section 11A of the PMLA.
  • This authorization is granted after the Central Government confirmed that INDmoney Private Limited will adhere to the privacy and security standards mandated by the Aadhaar Act, 2016.
  • The decision was made following consultations with the Unique Identification Authority of India (UIDAI) and the Securities and Exchange Board of India (SEBI).

Impact Analysis

Impact on INDmoney Private Limited

  • Enhanced compliance: This authorization strengthens INDmoney's compliance with PMLA requirements.

Impact on Customers

  • Privacy concerns: Customers should be aware of how their Aadhaar data is being used and ensure INDmoney adheres to data privacy regulations.

Impact on Government

  • Enhanced data security oversight: The government's oversight ensures adherence to data protection standards.

Suggested Action Items

  • Regular audits and reviews should be conducted to ensure the continued effectiveness and security of the Aadhaar authentication process.

Key Entities Referenced

INDmoney Private Limited: A reporting entity under the Prevention of Money-laundering Act, 2002, now authorized to use Aadhaar authentication. Prevention of Money-laundering Act, 2002 (PMLA): The primary legislation aimed at preventing money laundering in India. Section 11A is relevant to this notification. Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016: The legislation governing the use of Aadhaar data. This notification ensures INDmoney complies with its privacy and security standards. Unique Identification Authority of India (UIDAI): The body responsible for managing the Aadhaar system. Consulted before granting the authorization. Securities and Exchange Board of India (SEBI): The appropriate regulator consulted before granting the authorization to INDmoney. Central Government: The entity that granted the authorization to INDmoney.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-11092024-257085 xxxGIDHxxx CG-DLxx-xEG-I1D1E0x9x2x0 24-257085 असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 3552] नई दिल्ली, ंगं लिार, जसतम्ब र 10, 2024/भार 19, 1946 No. 3552] NEW DELHI, TUESDAY, SEPTEMBER 10, 2024/BHADRA 19, 1946 जित्त ं्ं ाल (रािस्ट्ि जिभाग) अजधसचू ना नई दिल् ली, 10 जसतम्ब र, 2024 का.आ. 3885(अ).—केन्‍द री सरकार, धन-िोधन जनिारण अजधजन ं, 2002 (2003 का 15) जिसे इसं ें इसके पश्चात ् धन-िोधन जनिारण अजधजन ं कहा ग ा ह)ै की धारा 11क की उपधारा (1) द्वारा प्रित्त िजि ों का प्र ोग करत े हुए ह संाधान हो िान े पर दक ररपोर्टकताट इकाई अर्ाटत ् आई एन डी ंनी प्राइिेर् जलजंर्ेड न े आधार (जित्ती और अन्‍द सहाज दक ों, प्रसुजिधाओं और सेिाओं का लजय त पररिान) अजधजन ं, 2016 (2016 का 18) (जिसे इसं ें इसके पश्चात ् आधार अजधजन ं कहा ग ा ह)ै के अधीन गोपनी ता और सरु क्षा के ंानकों का पालन दक ा ह ै और ऐसा करना आिश् क और संीचीन ह ै तर्ा आधार अजधजन ं की धारा 11 की उपधारा (1) के अधीन स्ट्र्ाजपत जिजिष्ट पहचान प्राजधकरण और संुजचत जिजन ांक अर्ाटत् भारती प्रजतभूजत और जिजन ंन स े परांि ट करने के पश्चात् उि ररपोर्टकताट इकाई को धन- िोधन जनिारण अजधजन ं की धारा 11क के प्र ोिन के जलए आधार अजधजन ं के अधीन अजधप्रंाणन का ट करन े के जलए अनुज्ञा प्रिान करती ह ै। [फा. सं.पी-12011/3/2022-ईएस सेल-डीओआर] ररंजिं पांड े , अिर सजचि 5824 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department Of Revenue) NOTIFICATION New Delhi, the 10th September, 2024 S.O. 3885(E).—In exercise of the powers conferred by sub-section (1) of section 11A of the Prevention of Money-laundering Act, 2002 (15 of 2003) (hereinafter referred to as the Money-laundering Act), the Central Government on being satisfied that the reporting entity, namely, the INDmoney Private Limited shall comply with the standards of privacy and security under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (18 of 2016) (hereinafter referred to as the Aadhaar Act), and it is necessary and expedient to do so, and after consultation with the Unique Identification Authority of India established under sub-section (1) of section 11 of the Aadhaar Act and the appropriate regulator namely, the Securities and Exchange Board of India, hereby permits the said reporting entity to perform authentication under the Aadhaar Act for the purposes of section 11A of the Money-laundering Act. [F. No. P-12011/3/2022-ES Cell-DOR] RIMJHIM PANDEY, Under Secy. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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