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Definitions.

Rule 2 - Rules - Rules - Money Laundering - Rule 2 - 2. (1) In these rules, unless the context otherwise requires,- (a) "Act" means the Prevention of Money-Laundering Act, 2002 (15 of 2003); 1[(aa) "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 cli .....

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and Services) Act, 2016; (aac) Resident means an individual as defined under sub-section (v) of section 2 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016; (aad) identity information means the information as defined in sub-section (n) of section 2 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016; (aae) e - KYC authentication facility means an authentication facility as defined in Aadhaar (Aut .....

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les 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 reporting entity is a trust, (v) a person or individual, as the case may be, who controls and manages the affairs of the reporting entity if the reporting entity is an uni .....

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by a banking company, either by name or by designation, for the purpose of opening small accounts;] (c) "Director" means the Director appointed under sub-section (1) of section 49 of the Act for the purposes of 6[sections 12, 12A and 13] of the Act; 3[(ca) "Know Your Client (KYC) Identifier" means the unique number or code assigned to a client by the Central KYC Records Registry; (cb) "Know Your Client (KYC) records" means the records, including the electronic recor .....

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ation Act, 1860 (21 of 1860) or any similar State legislation or a company registered under 8[section 8 of the Companies Act, 2013 (18 of 2013)] (d) "officially valid document" means 25[ the passport, the driving licence, the Voter's Identity Card issued by Election Commission of India, job card issued by NREGA duly signed by an officer of the State Government, the letter issued by the National Population Register containing details of name, address or any other document as notifie .....

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, with a duly attested photograph of the person: ] 13[Provided further that where simplified meausres are applied for verifying the limited purpose of proof of address of the clients, where a prospective customer is unable to produce any proof of address, the following documents shall be deemed to be 'officially valid document': (a) utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, Water bill); (b) prope .....

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imilarly, leave and licence agreements with such employers allotting official accommodation; and 28[****]] 29[Provided also that in case the officially valid document presented by a foreign national does not contain the details 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.] 14[Explanation.-For the purpose of this clause, a document shall be de .....

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overnment which is vested with the power to license, authorise, register, regulate or supervise the activity of reporting entities or the Director as may be notified by the Government for a specific reporting entity or a class of reporting entities or for a specific purpose; (ii) the Reserve Bank of India with respect to Central KYC Records Registry as defined in clause (aa) of sub-rule (1) of rule 2] 27[(iii) the Directorate General of Goods and Service Tax Intelligence with respect to Gems and .....

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his limit on balance shall not be considered while making deposits through government grants, welfare benefits and payment against procurements.] 20[(g) "Suspicious transaction" means a transaction referred to in clause (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 invo .....

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rist, 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 instruments or by electronic or other non-physical means; (iii) the use of a safety deposit box or any other form o .....

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d to them in the Act. - Notes: 1. Inserted Vide Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2015, w.e.f. 7-7-2015. 2. Substituted Vide Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2013, w.e.f. 27-8-2013. Before it was read as: (b) "client" means a person that engages in a financial transaction or activity with a banking company, or financial institution or intermediary and includes a person on whose behalf the person that engages .....

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e 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. 6. Substituted Vide Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2013, w.e.f. 27-8-2013. Before it was read as: "sections 12 and 13" 7. Renumbered Vide Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2015, w.e.f. 7-7 .....

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f 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 .....

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aintenance of Records) Third Amendment Rules, 2015, w.e.f. 22-9-2015. 15. Substituted Vide Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2013, w.e.f. 27-8-2013. Before it was read as: "banking company, financial institution or intermediary, as the case may be" 16. 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 Verifica .....

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2013, w.e.f. 27-8-2013. 19. 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) Third Amendment Rules, 2010, w.e.f. 16-12-2010 20. Substituted Vide Prevention of Money-laundering (Maintenance of Records of the Nature and V .....

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ation and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions 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 unjusti .....

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