PMLA Act amended allowing people to give address different from Aadhaar as their current address for KYC

The Ministry of Finance has amended the prevention of the Money-Laundering Act allowing persons who have used their Aadhaar as KYC to provide their current address (different from the one mentioned in their Aadhaar Card) on self-declaration basis.

"Where a client has provided his Aadhaar number for identification under clause (a) of sub-rule (4) and wants to provide a current address, different from the address as per the identity information available in the Central Identities Data Repository, he may give a self-declaration to that effect to the reporting entity," read the Finance Ministry notification published in Gazette of India.

With the change in the PMLA Act, people may have a residential address in their Aadhaar and give work address as current address. The demand has been there from various sectors. It will help migrant workers who have the address of their native place in Aadhaar but want a bank account with their current address.