9911796707
TMI BlogPrevention of Money-laundering - Obligation of Authorised PersonsX X X X Extracts X X X X X X X X Extracts X X X X ..... dated June 16, 2010, has amended the 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) Rules, 2005. A copy of the Notification is enclosed for information and necessary compliance. 2. Any failure to comply with the requirements of the said Rules as amended, to the extent they are applicable to foreign exchange transactions, shall also be treated as failure to comply with the directions issued by the Reserve Bank of India under sections 10(4) and 11(1) of the Foreign Exchange Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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) Rules, 2005:- (a) in rule 2 in sub-rule (1), after clause (g), the following Explanation shall be inserted, namely:- Explanation:- Transaction involving financing of the activities relating to terrorism includes transaction involving funds suspected to be linked or related to, or to be used for terrorism, terrorist act or by a terrorist, terrorist organisation or those who finance or are attempting to financing of terrorism." (b) in rule 9, for sub- rule (1A), the following sub- rule shall b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e due diligence measures including verifying again the identity of the client and obtaining information on the purpose and intended nature of the business relationship, as the case may be." (f) in rule 10, after sub- rule (3), the following Explanation shall be inserted, namely:- "Explanation: For the purpose of this rule:- (i) the expression 'records of the identity of clients' shall include records of the identification data, account files and business correspondence. (ii) the expression 'cessation of the transactions' means termination of an account or business relationship." [Notification No. 10/2010- E. S. / F. No. 6/8/2009-E.S.] S. R. MEENA, Under Secretary Note - The principal rules were published in the Gazette of India ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
