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Date: 03-Dec-2024 Category: Extra Ordinary State: Union Government Country: India

Notification under Section 11A of the PMLA Act, 2002

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • This gazette notification from the Ministry of Finance permits Aditya Birla Sun Life Mutual Fund to perform Aadhaar authentication for the purposes of the Prevention of Money-laundering Act, 2002. This means the mutual fund can now use Aadhaar to verify the identity of its customers for compliance with anti-money laundering regulations.

Key Changes

  • The Central Government has authorized Aditya Birla Sun Life Mutual Fund to perform Aadhaar authentication.
  • This authorization is granted under Section 11A of the Prevention of Money-laundering Act, 2002.
  • The authorization is based on the government's satisfaction that the mutual fund complies with privacy and security standards under the Aadhaar Act, 2016.
  • The Unique Identification Authority of India and the Securities and Exchange Board of India were consulted before granting this permission.

Impact Analysis

Impact on Aditya Birla Sun Life Mutual Fund

  • The mutual fund needs to integrate Aadhaar authentication systems into their existing processes.

Impact on Customers of Aditya Birla Sun Life Mutual Fund

  • Customers' Aadhaar data will be subject to the privacy and security standards under the Aadhaar Act.

Impact on Government

  • The government will need to ensure that the mutual fund adheres to the privacy and security standards of the Aadhaar Act.

Suggested Action Items for Aditya Birla Sun Life Mutual Fund

  • Ensure data security and privacy of customer information.

Key Entities Referenced

Ministry of Finance (Department of Revenue): The government body that issued the notification and has the authority to grant permission for Aadhaar authentication under the Prevention of Money-laundering Act. Aditya Birla Sun Life Mutual Fund: The reporting entity that has been authorized to perform Aadhaar authentication for the purposes of the Prevention of Money-laundering Act. Prevention of Money-laundering Act, 2002: The primary legislation under which the authorization for Aadhaar authentication was granted. Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016: The legislation that governs the use of Aadhaar and its associated privacy and security standards. Unique Identification Authority of India: The statutory authority established under the Aadhaar Act that was consulted before granting the permission. Securities and Exchange Board of India: The appropriate regulator that was consulted before granting the permission.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-04122024-259141 CG-DxLx-xEG-I0D4H1x2x2x0 24-259141 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 4818] नई दिल्ली, , मगं लिार, दिसम्ब र 3, 2024/अग्रहायण 12, 1946 No. 4818] NEW DELHI, TUESDAY, DECEMBER 3, 2024/AGRAHAYANA 12, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) अजधसचू ना नई दिल् ली, 3 दिसम् बर, 2024 का.आ. 5211(अ).— केन्‍द रीय सरकार, धन-िोधन जनिारण अजधजनयम, 2002 (2003 का 15) जिसे इसमें इसके पश्चात् धन-िोधन जनिारण अजधजनयम कहा गया ह)ै की धारा 11क की उपधारा (1) द्वारा प्रित्त िजियों का प्रयोग करते हुए यह समाधान हो िाने पर दक ररपोर्टकताट इकाई अर्ाटत् आदित्य जबरला सन लाईफ मुचअु ल फंड ने आधार (जित्तीय और अन्‍दय सहाजयदकयों, प्रसुजिधाओं और सेिाओं का लजययत पररिान) अजधजनयम, 2016 (2016 का 18) (जिस े इसम ें इसके पश्चात् आधार अजधजनयम कहा गया ह)ै के अधीन गोपनीयता और सुरक्षा के मानकों का पालन दकया ह ै और ऐसा करना आिश्यक और समीचीन ह ै तर्ा आधार अजधजनयम की धारा 11 की उपधारा (1) के अधीन स्ट्र्ाजपत जिजिष्ट पहचान प्राजधकरण और समुजचत जिजनयामक अर्ाटत् भारतीय प्रजतभूजत और जिजनयमन से परामिट करने के पश्चात् उि ररपोर्टकता ट इकाई को धन-िोधन जनिारण अजधजनयम की धारा 11क के प्रयोिन के जलए आधार अजधजनयम के अधीन अजधप्रमाणन कायट करने के जलए अनज्ञु ा प्रिान करती ह ै। [फा. स.ं पी-12011/3/2022-ईएस सेल-डीओआर] रािीि लोचन, अिर सजचि 7841 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 3rd December, 2024 S.O. 5211(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 Aditya Birla Sun Life Mutual Fund 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] RAJEEV LOCHAN, 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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