{"id":228777,"date":"2025-09-22T21:17:00","date_gmt":"2025-09-22T15:47:00","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=228777"},"modified":"2025-09-25T10:00:05","modified_gmt":"2025-09-25T04:30:05","slug":"prevention-of-money-laundering-act-2002","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/","title":{"rendered":"Prevention of Money Laundering Act 2002 Overview and Key Provisions"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#What_is_the_Prevention_of_Money_Laundering_Act_PMLA_2002\" >What is the Prevention of Money Laundering Act (PMLA), 2002?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#Objectives_of_PMLA\" >Objectives of PMLA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#What_is_Money_Laundering\" >What is Money Laundering?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#Important_Provisions_of_PMLA\" >Important Provisions of PMLA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#Obligations_of_Banks_and_Financial_Institutions\" >Obligations of Banks and Financial Institutions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#Enforcement_Agencies_under_PMLA\" >Enforcement Agencies under PMLA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#PMLA_and_its_Importance_for_the_Banking_Sector\" >PMLA and its Importance for the Banking Sector<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>The Prevention of Money Laundering Act (PMLA), 2002 is India\u2019s central law aimed at preventing criminals from disguising illegally earned money as legitimate income. It came into effect on 1 July 2005. The Act is vital for the banking and financial sector because most illegal money flows through banks before being integrated into the economy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-the-prevention-of-money-laundering-act-pmla-2002\"><span class=\"ez-toc-section\" id=\"What_is_the_Prevention_of_Money_Laundering_Act_PMLA_2002\"><\/span>What is the Prevention of Money Laundering Act (PMLA), 2002?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>PMLA is a comprehensive legislation that defines money laundering, prescribes strict punishments, and lays down obligations for banks, financial institutions, and intermediaries. It empowers authorities to attach, freeze, and confiscate property obtained from the proceeds of crime. The law also aligns India with international commitments such as the Financial Action Task Force (FATF) standards.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-objectives-of-pmla\"><span class=\"ez-toc-section\" id=\"Objectives_of_PMLA\"><\/span>Objectives of PMLA<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Act was framed with a vision to protect the financial system from misuse and ensure transparency in financial transactions.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Prevent and control money laundering in India.<\/li>\n\n\n\n<li>Confiscate and seize property obtained through illegal means.<\/li>\n\n\n\n<li>Punish offenders involved in laundering black money.<\/li>\n\n\n\n<li>Ensure the integrity of banks and financial institutions.<\/li>\n\n\n\n<li>Fulfill India\u2019s global commitments to AML and counter-terrorist financing.<\/li>\n\n\n\n<li>Provide for speedy investigation and trial through special courts.<\/li>\n<\/ul>\n\n\n\n<p>Understand more about AML, check the IIBF AML KYC Online Coaching with Certification<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/aml-kyc\/\" target=\"_blank\" rel=\"noreferrer noopener\">IIBF AML KYC Online Coaching in English &amp; Hinglish<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-money-laundering\"><span class=\"ez-toc-section\" id=\"What_is_Money_Laundering\"><\/span>What is Money Laundering?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Money laundering is the process of making illegally obtained money appear legitimate. Criminals use banks, shell companies, and financial channels to conceal the source of funds.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-stages-of-money-laundering\"><strong>Stages of Money Laundering<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Stage<\/strong><\/td><td><strong>Meaning<\/strong><\/td><td><strong>Example<\/strong><\/td><\/tr><tr><td>Placement<\/td><td>Introducing illegal funds into the financial system.<\/td><td>Depositing unaccounted cash into a bank.<\/td><\/tr><tr><td>Layering<\/td><td>Moving funds through complex transactions to hide origin.<\/td><td>Wire transfers, offshore accounts, shell firms.<\/td><\/tr><tr><td>Integration<\/td><td>Re-introducing laundered funds into the economy.<\/td><td>Buying real estate, luxury goods, investments.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-important-provisions-of-pmla\"><span class=\"ez-toc-section\" id=\"Important_Provisions_of_PMLA\"><\/span>Important Provisions of PMLA<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Act contains several provisions that directly affect banks and financial institutions.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Section 3<\/strong>: Defines money laundering as involvement in any process connected with the proceeds of crime.<\/li>\n\n\n\n<li><strong>Section 4<\/strong>: Provides for rigorous imprisonment (3\u20137 years, up to 10 years for NDPS-related offences) and fine.<\/li>\n\n\n\n<li><strong>Section 5 &amp; 8<\/strong>: Empower authorities to attach and confiscate property involved in laundering.<\/li>\n\n\n\n<li><strong>Section 12<\/strong>: Imposes obligations on reporting entities (banks, FIs, intermediaries) to maintain records, verify customers, and furnish information to FIU-IND.<\/li>\n\n\n\n<li><strong>Section 24<\/strong>: Burden of proof lies on the accused to prove assets are not proceeds of crime.<\/li>\n\n\n\n<li><strong>Section 45<\/strong>: Grants powers to Special Courts for trial of offences under PMLA.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/test-series\/\" target=\"_blank\" rel=\"noreferrer noopener\">Take a free bank exam mock test<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-obligations-of-banks-and-financial-institutions\"><span class=\"ez-toc-section\" id=\"Obligations_of_Banks_and_Financial_Institutions\"><\/span>Obligations of Banks and Financial Institutions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Banks are the first line of defence against money laundering. PMLA imposes strict compliance duties under Section 12. These obligations ensure that illegal funds are detected at the entry level itself.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Maintain records of all financial transactions above the prescribed limit.<\/li>\n\n\n\n<li>Conduct Know Your Customer (KYC) checks to verify customer identity.<\/li>\n\n\n\n<li>Furnish Suspicious Transaction Reports (STRs) and Cash Transaction Reports (CTRs) to FIU-IND.<\/li>\n\n\n\n<li>Report cross-border wire transfers above the specified threshold.<\/li>\n\n\n\n<li>Prohibit opening of anonymous or benami accounts.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-enforcement-agencies-under-pmla\"><span class=\"ez-toc-section\" id=\"Enforcement_Agencies_under_PMLA\"><\/span>Enforcement Agencies under PMLA<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Several agencies are responsible for implementing and monitoring compliance with PMLA:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Enforcement Directorate (ED)<\/strong> \u2013 Investigates offences and attaches properties.<\/li>\n\n\n\n<li><strong>Financial Intelligence Unit \u2013 India (FIU-IND)<\/strong> \u2013 Collects and analyzes transaction reports from banks and FIs.<\/li>\n\n\n\n<li><strong>Adjudicating Authority<\/strong> \u2013 Decides whether attached property is involved in money laundering.<\/li>\n\n\n\n<li><strong>Special Courts<\/strong> \u2013 Conduct speedy trial of money laundering offences.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-punishments-and-penalties-under-pmla\">Punishments and Penalties under PMLA<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Provision<\/strong><\/td><td><strong>Punishment<\/strong><\/td><\/tr><tr><td>Section 4<\/td><td>Rigorous imprisonment of 3\u20137 years (up to 10 years in NDPS-related cases).<\/td><\/tr><tr><td>Fine<\/td><td>Unlimited fine depending on the offence.<\/td><\/tr><tr><td>Confiscation<\/td><td>Properties derived from proceeds of crime are seized and vested with the Central Government.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-pmla-and-its-importance-for-the-banking-sector\"><span class=\"ez-toc-section\" id=\"PMLA_and_its_Importance_for_the_Banking_Sector\"><\/span>PMLA and its Importance for the Banking Sector<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The banking system is the most vulnerable channel for money laundering. By enforcing strict reporting and KYC requirements, PMLA ensures that banks act as watchdogs of the financial system. For exam aspirants, it is important to understand:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>PMLA creates the legal framework of Anti-Money Laundering (AML) in India.<\/li>\n\n\n\n<li>It prescribes duties for banks in monitoring and reporting suspicious transactions.<\/li>\n\n\n\n<li>It ensures accountability and imposes penalties for non-compliance.<\/li>\n\n\n\n<li>It integrates with RBI\u2019s KYC norms and other financial regulations.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>AML Laws<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/www.oliveboard.in\/blog\/foreign-exchange-management-act-1999\/?ref=conttm-aib\" target=\"_blank\" rel=\"noreferrer noopener\">Foreign Exchange Management Act, 1999<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/www.oliveboard.in\/blog\/ndps-act-1985\/?ref=conttm-aib\" target=\"_blank\" rel=\"noreferrer noopener\">NDPS Act, 1985<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/www.oliveboard.in\/blog\/insurance-act-1938\/?ref=conttm-aib\" target=\"_blank\" rel=\"noreferrer noopener\">Insurance Act, 1938<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/www.oliveboard.in\/blog\/life-insurance-corporation-act-1956\/?ref=conttm-aib\" target=\"_blank\" rel=\"noreferrer noopener\">Life Insurance Corporation Act, 1956<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/www.oliveboard.in\/blog\/anti-money-laundering-laws\/?ref=conttm-aib\" target=\"_blank\" rel=\"noreferrer noopener\">Anti-Money Laundering Laws<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Q1: When did the Prevention of Money Laundering Act (PMLA) come into effect?<\/strong><\/p>\n\n\n\n<p>Ans 1: It was enacted in 2002 and came into force on 1 July 2005.<\/p>\n\n\n\n<p><strong>Q2: What is the main purpose of PMLA?<\/strong><\/p>\n\n\n\n<p>Ans 2: To prevent and control money laundering, confiscate proceeds of crime, and strengthen the financial system against illegal activities.<\/p>\n\n\n\n<p><strong>Q3: Who enforces PMLA in India?<\/strong><\/p>\n\n\n\n<p>Ans 3: The Enforcement Directorate (ED) is the primary agency, supported by FIU-IND, Adjudicating Authority, and Special Courts.<\/p>\n\n\n\n<p><strong>Q4: What is the punishment under PMLA?<\/strong><strong><br><\/strong><br>Ans 4: Rigorous imprisonment of 3\u20137 years (up to 10 years in NDPS-related cases), along with fines and confiscation of property.<\/p>\n\n\n\n<p><strong>Q5: What are the obligations of banks under PMLA?<\/strong><\/p>\n\n\n\n<p>Ans 5: Banks must follow KYC norms, maintain records, report suspicious transactions (STRs\/CTRs), and prohibit anonymous or benami accounts.<\/p>\n\n\n\n<p><strong>Q6: What are the three stages of money laundering?<\/strong><\/p>\n\n\n\n<p>Ans 6: Placement, Layering, and Integration.<\/p>\n\n\n\n<p><strong>Q7: Why is PMLA important for the banking sector?<\/strong><\/p>\n\n\n\n<p>Ans 7: Because banks are the main entry point for money laundering, and compliance ensures financial integrity and prevents misuse.<\/p>\n\n\n\n<p><strong>Q8: Which section defines the offence of money laundering?<\/strong><\/p>\n\n\n\n<p>Ans 8: Section 3 of PMLA defines the offence of money laundering.<\/p>\n\n\n\n<p><strong>Q9: Which section prescribes the obligations of reporting entities?<\/strong><\/p>\n\n\n\n<p>Ans 9: Section 12 prescribes the obligations of banks, financial institutions, and intermediaries.<\/p>\n\n\n\n<p><strong>Q10: Who decides whether attached property is involved in money laundering?<\/strong><\/p>\n\n\n\n<p>Ans 10: The Adjudicating Authority decides whether attached property is involved in money laundering.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/ndps-act-1985\/\">NDPS Act 1985: Objectives, Provisions and Enforcement<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/\">Prevention of Money Laundering Act 2002 Overview and Key Provisions<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/foreign-exchange-management-act-1999\/\">Foreign Exchange Management Act 1999 (FEMA) Key Provisions<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/legislation-against-money-laundering\/\">Legislation Against Money Laundering, AML KYC Certification<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/iibf-aml-kyc-exam-date-2025\/\">IIBF AML KYC Exam Date 2025, Check Schedule<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/iibf-aml-kyc-certification-benefits\/\">IIBF AML KYC Certification, Check Complete Details and Benefits<\/a><\/li>\n<\/ul>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n","protected":false},"excerpt":{"rendered":"<p>The Prevention of Money Laundering Act (PMLA), 2002 is India\u2019s central law aimed at preventing criminals from disguising illegally earned<\/p>\n","protected":false},"author":60,"featured_media":229190,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16845,1],"tags":[16887,18032],"class_list":["post-228777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aml-kyc","category-articles","tag-aml-kyc-2","tag-prevention-of-money-laundering-act-2002","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Prevention of Money Laundering Act 2002 Overview and Key Provisions<\/title>\n<meta name=\"description\" content=\"Detailed guide on PMLA 2002, its objectives, provisions, bank obligations, enforcement agencies, and penalties in India\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prevention of Money Laundering Act 2002 Overview and Key Provisions\" \/>\n<meta property=\"og:description\" content=\"The Prevention of Money Laundering Act (PMLA), 2002 is India\u2019s central law aimed at preventing criminals from disguising illegally earned money as\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/\" \/>\n<meta property=\"og:site_name\" content=\"Oliveboard\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Oliveboard\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-22T15:47:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-25T04:30:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/09\/Prevention-of-Money-Laundering-Act-2002.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"730\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Tripti Mishra\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Oliveboard\" \/>\n<meta name=\"twitter:site\" content=\"@Oliveboard\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tripti Mishra\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/\"},\"author\":{\"name\":\"Tripti Mishra\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#\/schema\/person\/d85e63b0781e1a55771b9894184814a5\"},\"headline\":\"Prevention of Money Laundering Act 2002 Overview and Key Provisions\",\"datePublished\":\"2025-09-22T15:47:00+00:00\",\"dateModified\":\"2025-09-25T04:30:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/\"},\"wordCount\":925,\"publisher\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/09\/Prevention-of-Money-Laundering-Act-2002.webp\",\"keywords\":[\"AML KYC\",\"Prevention of Money Laundering Act 2002\"],\"articleSection\":[\"AML KYC\",\"Articles\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/\",\"url\":\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/\",\"name\":\"Prevention of Money Laundering Act 2002 Overview and Key Provisions\",\"isPartOf\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/09\/Prevention-of-Money-Laundering-Act-2002.webp\",\"datePublished\":\"2025-09-22T15:47:00+00:00\",\"dateModified\":\"2025-09-25T04:30:05+00:00\",\"description\":\"Detailed guide on PMLA 2002, its objectives, provisions, bank obligations, enforcement agencies, and penalties in India\",\"breadcrumb\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#primaryimage\",\"url\":\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/09\/Prevention-of-Money-Laundering-Act-2002.webp\",\"contentUrl\":\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/09\/Prevention-of-Money-Laundering-Act-2002.webp\",\"width\":730,\"height\":480},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.oliveboard.in\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"AML KYC\",\"item\":\"https:\/\/www.oliveboard.in\/blog\/category\/aml-kyc\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Prevention of Money Laundering Act 2002 Overview and Key Provisions\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#website\",\"url\":\"https:\/\/www.oliveboard.in\/blog\/\",\"name\":\"Oliveboard\",\"description\":\"Free Govt. Exam Alerts &amp; Resources\",\"publisher\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.oliveboard.in\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#organization\",\"name\":\"Oliveboard\",\"url\":\"https:\/\/www.oliveboard.in\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/11\/logo.png\",\"contentUrl\":\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/11\/logo.png\",\"width\":150,\"height\":40,\"caption\":\"Oliveboard\"},\"image\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/Oliveboard\",\"https:\/\/x.com\/Oliveboard\",\"https:\/\/www.instagram.com\/oliveboard.in\/\",\"https:\/\/www.youtube.com\/channel\/UCRvrHAyNdOMI_JBkE2pjZtw?sub_confirmation=1\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#\/schema\/person\/d85e63b0781e1a55771b9894184814a5\",\"name\":\"Tripti Mishra\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/e9ff3153b7365669b619433e04937baec4da53cdb38c345d8283a33479dba3b6?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/e9ff3153b7365669b619433e04937baec4da53cdb38c345d8283a33479dba3b6?s=96&d=mm&r=g\",\"caption\":\"Tripti Mishra\"},\"description\":\"Hi, I'm Tripti, a senior content writer at Oliveboard, where I manage blog content along with community engagement across platforms like Telegram and WhatsApp. With 3+ years of experience in content and SEO optimization related to banking exams, I have led content for popular exams like SSC, banking, railway, and state exams.\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Prevention of Money Laundering Act 2002 Overview and Key Provisions","description":"Detailed guide on PMLA 2002, its objectives, provisions, bank obligations, enforcement agencies, and penalties in India","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/","og_locale":"en_US","og_type":"article","og_title":"Prevention of Money Laundering Act 2002 Overview and Key Provisions","og_description":"The Prevention of Money Laundering Act (PMLA), 2002 is India\u2019s central law aimed at preventing criminals from disguising illegally earned money as","og_url":"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/","og_site_name":"Oliveboard","article_publisher":"https:\/\/www.facebook.com\/Oliveboard","article_published_time":"2025-09-22T15:47:00+00:00","article_modified_time":"2025-09-25T04:30:05+00:00","og_image":[{"width":730,"height":480,"url":"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/09\/Prevention-of-Money-Laundering-Act-2002.webp","type":"image\/webp"}],"author":"Tripti Mishra","twitter_card":"summary_large_image","twitter_creator":"@Oliveboard","twitter_site":"@Oliveboard","twitter_misc":{"Written by":"Tripti Mishra","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#article","isPartOf":{"@id":"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/"},"author":{"name":"Tripti Mishra","@id":"https:\/\/www.oliveboard.in\/blog\/#\/schema\/person\/d85e63b0781e1a55771b9894184814a5"},"headline":"Prevention of Money Laundering Act 2002 Overview and Key Provisions","datePublished":"2025-09-22T15:47:00+00:00","dateModified":"2025-09-25T04:30:05+00:00","mainEntityOfPage":{"@id":"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/"},"wordCount":925,"publisher":{"@id":"https:\/\/www.oliveboard.in\/blog\/#organization"},"image":{"@id":"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#primaryimage"},"thumbnailUrl":"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/09\/Prevention-of-Money-Laundering-Act-2002.webp","keywords":["AML KYC","Prevention of Money Laundering Act 2002"],"articleSection":["AML KYC","Articles"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/","url":"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/","name":"Prevention of Money Laundering Act 2002 Overview and Key Provisions","isPartOf":{"@id":"https:\/\/www.oliveboard.in\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#primaryimage"},"image":{"@id":"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#primaryimage"},"thumbnailUrl":"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/09\/Prevention-of-Money-Laundering-Act-2002.webp","datePublished":"2025-09-22T15:47:00+00:00","dateModified":"2025-09-25T04:30:05+00:00","description":"Detailed guide on PMLA 2002, its objectives, provisions, bank obligations, enforcement agencies, and penalties in India","breadcrumb":{"@id":"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#primaryimage","url":"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/09\/Prevention-of-Money-Laundering-Act-2002.webp","contentUrl":"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/09\/Prevention-of-Money-Laundering-Act-2002.webp","width":730,"height":480},{"@type":"BreadcrumbList","@id":"https:\/\/www.oliveboard.in\/blog\/prevention-of-money-laundering-act-2002\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.oliveboard.in\/blog\/"},{"@type":"ListItem","position":2,"name":"AML KYC","item":"https:\/\/www.oliveboard.in\/blog\/category\/aml-kyc\/"},{"@type":"ListItem","position":3,"name":"Prevention of Money Laundering Act 2002 Overview and Key Provisions"}]},{"@type":"WebSite","@id":"https:\/\/www.oliveboard.in\/blog\/#website","url":"https:\/\/www.oliveboard.in\/blog\/","name":"Oliveboard","description":"Free Govt. Exam Alerts &amp; Resources","publisher":{"@id":"https:\/\/www.oliveboard.in\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.oliveboard.in\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.oliveboard.in\/blog\/#organization","name":"Oliveboard","url":"https:\/\/www.oliveboard.in\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.oliveboard.in\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/11\/logo.png","contentUrl":"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/11\/logo.png","width":150,"height":40,"caption":"Oliveboard"},"image":{"@id":"https:\/\/www.oliveboard.in\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/Oliveboard","https:\/\/x.com\/Oliveboard","https:\/\/www.instagram.com\/oliveboard.in\/","https:\/\/www.youtube.com\/channel\/UCRvrHAyNdOMI_JBkE2pjZtw?sub_confirmation=1"]},{"@type":"Person","@id":"https:\/\/www.oliveboard.in\/blog\/#\/schema\/person\/d85e63b0781e1a55771b9894184814a5","name":"Tripti Mishra","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.oliveboard.in\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/e9ff3153b7365669b619433e04937baec4da53cdb38c345d8283a33479dba3b6?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/e9ff3153b7365669b619433e04937baec4da53cdb38c345d8283a33479dba3b6?s=96&d=mm&r=g","caption":"Tripti Mishra"},"description":"Hi, I'm Tripti, a senior content writer at Oliveboard, where I manage blog content along with community engagement across platforms like Telegram and WhatsApp. With 3+ years of experience in content and SEO optimization related to banking exams, I have led content for popular exams like SSC, banking, railway, and state exams."}]}},"_links":{"self":[{"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/posts\/228777","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/users\/60"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/comments?post=228777"}],"version-history":[{"count":2,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/posts\/228777\/revisions"}],"predecessor-version":[{"id":229191,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/posts\/228777\/revisions\/229191"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/media\/229190"}],"wp:attachment":[{"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/media?parent=228777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/categories?post=228777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/tags?post=228777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}