Change in Principal rules - PML(Maintenance of Records) Rules, 2005

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..... ce on the date of their publication in the Official Gazette. 2. In the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 (hereinafter referred to as the principal rules), in rule 2, in sub-rule (1), in clause (b), after the word Act , the words using reliable and independent sources of identification shall be inserted. 3. In the principal rules, for rule 3A, the following rule shall be substituted, namely:- 3A. Implementation of policies by groups. (1) Every reporting entity, which is part of a group, shall implement group-wide programmes against money laundering and terror financing, including group-wide policies for sharing information required for the purposes of client due diligence and money laun .....

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..... ccount-based relationship or while carrying out occasional transaction of an amount equal to or exceeding rupees fifty thousand, whether conducted as a single transaction or several transactions that appear to be connected, or any international money transfer operations, (a) identify its clients, verify their identity using reliable and independent sources of identification, obtain information on the purpose and intended nature of the business relationship, where applicable; (b) take reasonable steps to understand the nature of the customer s business, and its ownership and control; (c) determine whether a client is acting on behalf of a beneficial owner, and identify the beneficial owner and take all steps to verify the identity .....

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..... ation of such client due diligence carried out by the third party; ; (iii) in sub-rule (8), in clause (v), after the words settlor , the words , protector, if any shall be inserted; (iv) in sub-rule 12, in clause (iii), after the word obtained , the words , such that the information or data collected under client due diligence is kept up-to-date and relevant, particularly where there is high risk shall be inserted; (v) in sub-rule (14),- (a) after sub-clause (ia), the following sub-clause shall be inserted, namely:- (ib) the guidelines shall include countermeasures to be undertaken when called upon to do so by any international or intergovernmental organisation of which India is a member and accepted by the Central Gov .....

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