Rule 7 - Procedure and manner of furnishing information. - Prevention of Money-Laundering (Maintenance of Records) Rules, 2005

2 1 [Procedure and manner of furnishing information. 7. (1) Every reporting entity shall communicate to the Director the name, designation and address of the Designated Director and the Principal Officer. (2) The Principal Officer shall furnish the information referred to in clauses (A), (B), (BA), (C), (D), (E) and (F) of sub-rule (1) of rule 3 to the Director on the basis of information available with the reporting entity. A copy of such information shall be retained by the Principal Officer for the purposes of official record. (3) Every reporting entity shall evolve an internal mechanism having regard to any guidelines issued by 2 [the Director in consultation with, its] regulator, for detecting the transactions referred to in clauses (A), (B), (BA), (C), (D), (E) and (F) of sub-rule (1) of rule 3 and for furnishing information about such transactions in such form as may be directed by 3 [the Director in consultation with,] its Regulator. (4) It shall be the duty of every reporting entity, its designated director, officers and employees to observe the procedure and the manner of furnishing information as specified by 4 [the Director in consultation with,] its Regulator.] -------------------- Notes: 1. Substituted Vide Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2013, w.e.f. 27-8-2013. Before Substitution its Amended Vide Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) (Amendment) Rules, 2005, w.e.f. 13-12-2005, Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Amendment Rules, 2009, w.e.f. 12-11-2009 and Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Amendment Rules, 2010, w.e.f. 12-2-2010, Before it was read as: 7.Procedure and manner of furnishing information.-(1) Every banking company, financial institution and intermediary, as the case may be, shall communicate the name, designation and address of the Principal Officer to the Director. (2) The Principal Officer shall furnish the information referred to in clauses (A), (B), (BA), (C) and (D) of sub-rule (1) of rule 3 to the Director on the basis of information available with the banking company, financial institution and intermediary, as the case may be. A copy of such information shall be retained by the Principal Officer for the purposes of official record. (3) Every banking company, financial institution and intermediary may evolve an internal mechanism for furnishing information referred to in clauses (A), (B), (BA), (C) and (D) of sub-rule (1) of rule 3 in such form and at such intervals as may be directed by its Regulator. (4) It shall be the duty of every banking company, financial institution and intermediary to observe the procedure and the manner of furnishing information as specified its Regulator. 2. Inserted Vide Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2015, w.e.f. 22-9-2015. 3. Inserted Vide Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2015, w.e.f. 22-9-2015. 4. Inserted Vide Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2015, w.e.f. 22-9-2015.