TMI BlogDefinitions.X X X X Extracts X X X X X X X X Extracts X X X X ..... 013); ] 1 [ 33 [ (ac) ] Central KYC Records Registry means a reporting entity, substantially owned and controlled by the Central Government, and authorised by that Government through a notification in the Official Gazette to receive, store, safeguard and retrieve the KYC records in digital form of a client as referred to in clause (ha) in such manner and to perform such other functions as may be required under these rules;] 2 [(b) client due diligence means due diligence carried out on a client referred to in clause (ha) of sub-section (1) of section 2 of the Act 51 [ using reliable and independent sources of identification ] ;] 3 [(ba) Designated Director means a person designated by the reporting entity to ensure overall compliance with the obligations imposed under Chapter IV of the Act and the Rules and includes- (i) the Managing Director or a whole-time Director duly authorized by the Board of Directors if the reporting entity is a company, (ii) the managing partner if the reporting entity is a partnership firm, (iii) the proprietor if the reporting entity is a proprietorship concern, (iv) the managing trustee if the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... national Financial Services Centre means an International Financial Services Centre set up under section 18 of the Special Economic Zones Act, 2005 (28 of 2005); ] ] 3 [ 33 [ (cc) ] Know Your Client (KYC) Identifier means the unique number or code assigned to a client by the Central KYC Records Registry; 33 [ (cd) ] Know Your Client (KYC) records means the records, including the electronic records, relied upon by a reporting entity in carrying out client due diligence as referred to in rule 9 of these rules; 33 [ (ce) ] last KYC verification or updation means the last transaction made by a reporting entity in the Central KYC Records Registry by which the KYC records of a client were recorded, changed or updated by a reporting entity; ] 49 [ (cf) ] Non-profit organization means any entity or organisation, constituted for religious or charitable purposes referred to in clause (15) of section 2 of the Income-tax Act, 1961 (43 of 1961), that is registered as a trust or a society under the Societies Registration Act, 1860 (21 of 1860) or any similar State legislation or a Company registered under the section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ails of address, in such case the documents issued by the Government departments of foreign jurisdictions and letter issued by the Foreign Embassy or Mission in India shall be accepted as proof of address.] 45 [ Provided also that in an International Financial Services Centre, the national identity card and voter identification card, by whatever name called, issued by the Government of foreign jurisdictions or agencies authorised by them capturing the photograph, name, date of birth and address of a foreign national shall also be considered as officially valid document: ] 32a [ Provided also that where the client submits his proof of possession of Aadhaar number as an officially valid document, he may submit it in such form as are issued by the Unique Identification Authority of India; ] 14 [ Explanation .-For the purpose of this clause, a document shall be deemed to an officially valid document even if there is a change in the name subsequent to its issuance provided it is supported by a marriage certificate issued by the State Government or Gazette notification, indicating such a change of name.] 37 [ (da) offline verification shall have the same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (h), including an attempted transaction, whether or not made in cash, which to a person acting in good faith-- (a) gives rise to a reasonable ground of suspicion that it may involve proceeds of an offence specified in the Schedule to the Act, regardless of the value involved; or (b) appears to be made in circumstances of unusual or unjustified complexity; or (c) appears to have no economic rationale or bona fide purpose; or (d) gives rise to a reasonable ground of suspicion that it may involve financing of the activities relating to terrorism.] 21 [ 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 acts or by a terrorist, terrorist organisation or those who finance or are attempting to finance terrorism;] 22 [(h) transaction means a purchase, sale, loan, pledge, gift, transfer, delivery or the arrangement thereof and includes- (i) opening of an account; (ii) deposits, withdrawal, exchange or transfer of funds in whatever currency, whether in cash or by cheque, payment order or other instr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tituted Vide Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2015, w.e.f. 7-7-2015. Before it was read as: section 25 of the Companies Act, 1956 (1 of 1956) 9. Substituted 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) Third Amendment Rules, 2010, w.e.f. 16-12-2010. Before it was read as: the Election Commission of India or any other document as may be required by the banking company, or financial institution or intermediary; 10. Inserted Vide Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2015, w.e.f. 7-7-2015. 11. Substituted Vide Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2013, w.e.f. 27-8-2013. Before it was read as: Reserve Bank of India or any other document as may be required by the banking companies, or financial institution or intermediary 12. Inserted Vide Prevention of Money-launder ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Intermediaries) Amendment Rules, 2007, w.e.f. 24-5-2007, Before it was read as: (g) suspicious transaction means a transaction whether or not made in cash which, to a person acting in good faith- (a) gives rise to a reasonable ground of suspicion that it may involve the proceeds of crime; or (b) appears to be made in circumstances of unusual or unjustified complexity; or (c) appears to have no economic rationale or bona fide purpose; or (d) gives rise to a reasonable ground of suspicion that it may involve financing of the activities relating to terrorism; 21. Inserted 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) Second Amendment Rules, 2010, w.e.f. 16-6-2010. 22. Substituted Vide Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2013, w.e.f. 27-8-2013. Before it was read as: (h) transaction includes deposit, withdrawal, exchange or transf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 016; 32. Inserted vide NOTIFICATION No. G.S.R. 108(E) dated 13-02-2019 32a. Inserted vide NOTIFICATION No. G.S.R. 108(E) dated 13-02-2019 33. Substituted vide NOTIFICATION No. [F. No. P.12011/24/2017-ES Cell-DoR] dated 19-08-2019 before it was read as (aa) as (ac), (aaa) as (aa), (aab) as (ab), (aae) as (ca), (aaf) as (i), (ca) as (cc) , (cb) as (cd), (cc) as (ce), 7 [ (cd) ] as (cf), (faa) as (fb), (fb) as (fc), 34. Inserted vide NOTIFICATION No. [F. No. P.12011/24/2017-ES Cell-DoR] dated 19-08-2019 35. Inserted vide NOTIFICATION No. [F. No. P.12011/24/2017-ES Cell-DoR] dated 19-08-2019 36. Inserted vide NOTIFICATION No. [F. No. P.12011/24/2017-ES Cell-DoR] dated 19-08-2019 37. Inserted vide NOTIFICATION No. [F. No. P.12011/24/2017-ES Cell-DoR] dated 19-08-2019 38. Inserted vide NOTIFICATION No. [F. No. P.12011/24/2017-ES Cell-DoR] dated 19-08-2019 39. Inserted vide NOTIFICATION No. G.S.R. 669(E) dated 18-09-2019 40. Substituted vide Notification No. G.S.R. 800(E) dated 28-12-2020 before it was read as 27 [(iii) the Directorate General of Goods and Service Tax Intelligence with respect to Gems and Jewellery Sector.] ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
