The Ministry of Finance, by way of Notification dated September 04, 2023, has amended the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 (‘PMLA Rules’). The key amendment has been made in Rule 9 of the PMLA Rules, where for the purpose of determining the beneficial owner of a partnership firm, the threshold has been reduced to ownership of/entitlement to more than 10% of capital or profits of the partnership. This has been lowered from 15%. Further, a person ‘who exercises control through other means’ of the partnership has also been added to identify the beneficial owner. ‘Control’ has been defined to include the right to control the management or policy decision. Other amendments relate to maintenance of client records and duties of reporting entities with respect to trust accounts.