While the FATF’s focus is on money-laundering and terrorist financing, the Basel Committee’s approach to KYC is from a  BIS central bankers’ speeches  1  wider prudential, and risk-management perspective, not just anti-money laundering perspective. PMLA – Salient features UN General Assembly resolution (1990) calls upon the Member States to adopt national money-laundering legislation and programme.
Accordingly, in India the Prevention of Money Laundering Act (PMLA), 2002 was enacted in January 2003. The Act along with the Rules framed there under has come into force with effect from 1st July 2005.