In the evolving landscape of financial regulations, Anti-Money Laundering (AML) Compliance has become a critical obligation for businesses operating in Bangalore and across India. Whether you're a fintech startup, NBFC, broker, real estate firm, or jewelry dealer, failing to comply with AML norms can lead to severe legal consequences.
At TAXAJ, we specialize in helping organizations build, monitor, and strengthen their AML frameworks in compliance with RBI, SEBI, and FIU-IND regulations.
AML compliance refers to a set of procedures, laws, and regulations designed to prevent the illegal generation of income through fraudulent activities like money laundering and terrorist financing. In India, AML laws are governed by the Prevention of Money Laundering Act (PMLA), 2002 and monitored by the Financial Intelligence Unit – India (FIU-IND).
The following entities in Bangalore must comply with AML regulations:
Banks & NBFCs
Real Estate Companies
Co-operative Societies
Mutual Fund Distributors & Intermediaries
Accountants & Legal Advisors
Dealers in precious metals, stones, and art
Payment aggregators & fintech platforms
Crypto & virtual asset service providers
Appointment of a Designated Director & Principal Officer
As per PMLA norms, businesses must designate responsible officers to oversee AML reporting and compliance.
Risk-Based KYC Procedures
Ensuring accurate client identification and verification (Know Your Customer) is crucial.
Ongoing Monitoring & Reporting of Suspicious Transactions (STRs)
Suspicious activity must be identified and reported to FIU-IND within a stipulated timeframe.
Record Keeping for 5 Years
All transaction records, identity proofs, and communication logs must be stored for future audits.
AML Policy, Training & Internal Audits
A formal AML policy with periodic employee training and internal audits is mandatory.
At TAXAJ, we offer end-to-end AML compliance support tailored to your industry and scale of operations:
Drafting & implementing AML policies
Appointment & training of compliance officers
Automated KYC & due diligence integration
STR/CTR reporting to FIU-IND
AML audit preparedness
Internal AML checks and mock audits
Ongoing compliance advisory and updates
Our expert team ensures you stay protected, audit-ready, and always compliant.
Industry Expertise: Serving BFSI, fintech, crypto, and real estate sectors across India.
Local Presence: Offices in Bangalore with a dedicated compliance desk.
End-to-End Support: From registration to audit assistance, all under one roof.
Non-compliance with AML regulations can lead to:
Hefty penalties by regulatory bodies
Suspension of licenses or blacklisting
Legal prosecution and reputational damage
Avoid these risks by partnering with professionals who understand the legal landscape in Bangalore.
Q1. Is AML compliance mandatory for startups?
Yes, if your business deals with financial transactions, customer onboarding, or high-risk sectors, AML norms apply.
Q2. Who do we report suspicious transactions to?
To the Financial Intelligence Unit – India (FIU-IND).
Q3. What is the penalty for failing to report an STR?
Penalties may include fines up to Rs. 1 lakh per failure and possible legal action under PMLA.
Get AML Compliant with TAXAJ