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The Prevention of Money-Laundering Act, 2002


Chapter IV Obligations of Banking Companies, Financial Institutions and Intermediaries

12. Banking companies, financial institutions and intermediaries to maintain records.-

1.     Every banking company, financial institution and intermediary shall-

a.     maintain a record of all transactions, the nature and value of which may be prescribed, whether such transactions comprise of a single transaction or a series of transactions integrally connected to each other, and where such series of transactions take place within a month;

b.    furnish information of transactions referred to in clause (a) to the Director within such time as may be prescribed;

c.     verify and maintain the records of the identity of all its clients, in such manner as may be prescribed: Provided that where the principal officer of a banking company or financial institution or intermediary, as the case may be, has reason to believe that a single transaction or series of transactions integrally connected to each other have been valued below the prescribed value so as to defeat the provisions of this section, such officer shall furnish information in respect of such transactions to the Director within the prescribed time.

2.     The records referred to in sub-section (1) shall be maintained for a period of ten years from the date of cessation of the transactions between the clients and the banking company or financial institution or intermediary, as the case may be.



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