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    Question

    Under the amendments made to widen the scope of the

    Prevention of Money Laundering Act,the threshold of the shares relating to beneficial ownership has been reduced to _______ from 25% ?
    A 15% Correct Answer Incorrect Answer
    B 20% Correct Answer Incorrect Answer
    C 10% Correct Answer Incorrect Answer
    D 5% Correct Answer Incorrect Answer

    Solution

    Explanation: The recent amendments made to the Prevention of Money Laundering Act have lowered the threshold for beneficial ownership to 10% of shares from the earlier 25%. Reporting entities such as banks and financial institutions are mandated to identify the beneficial owners where the client is acting on behalf of its beneficial owner.

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