Why are FATCA & Bank Details required in Mutual Fund transactions?

While investing in Mutual Funds, individuals are required to comply with the regulations prescribed by the law. FATCA means Foreign Account Tax Compliance Act. FATCA is a self-certified form in which individuals need to furnish certain details such as annual income, occupation, the source of wealth, and so on. Similarly, furnishing bank details are important under PMLA. This act helps to check the genuineness of the source of funds received.

For complete details, read here: https://www.fincash.com/l/guide/fatca-bank-details-in-mutual-funds