CA Jiva, a practicing Chartered Accountant since last five years, is providing various advisory services to a wide range of clients. One of his…

The financial services industry globally is required to obtain information of their clients and comply with Know Your Client Norms (KYC norms). Keeping in mind the highest standards of Chartered Accountancy profession in India, the Council of ICAI issued such norms to be observed by the members of the profession who are in practice. In the given situation, CA Jiva provided advisory services in the field of taxation, GST consultancy and issuing Form 15CB for foreign remittances to ASP Ltd., which was a subsidiary of an overseas conglomerate. Later, it was revealed that the overseas conglomerate had invested in ASP Ltd. to use it for carrying out money laundering and crypto laundering. CA Jiva was asked to provide details about ASP Ltd. for the ongoing enquiry. The contention of CA Jiva that he provided only taxation, GST consultancy and certification to ASP Ltd. and therefore was not required to keep detailed information about the company is not valid as CA Jiva should have kept following information in compliance with KYC Norms which are mandatory in nature and shall apply in all assignments pertaining to attestation functions. In the given case of ASP Ltd., a Corporate Entity, CA Jiva should have kept following information: A. General Information Name and Address of the EntityBusiness DescriptionName of the Parent Company in case of SubsidiaryCopy of last Audited Financial Statement B. Engagement Information Type of Engagement C. Regulatory Information Company PAN No.Company Identification No.Directors' Names & AddressesDirectors' Identification No.