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Reporting entity to maintain records.

Section 12 - Act - Obligations of Banking Companies, Financial Institutions and Intermediaries - Prevention of Money-Laundering Act, 2002 - Section 12 - CHAPTER IV OBLIGATIONS OF BANKING COMPANIES, FINANCIAL INSTITUTIONS AND INTERMEDIARIES 1[ 12. (1) .....

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in such time as may be prescribed, information relating to such transactions, whether attempted or executed, the nature and value of which may be prescribed; (c) verify the identity of its clients in such manner and subject to such conditions, as may .....

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lating to its clients. (2) Every information maintained, furnished or verified, save as otherwise provided under any law for the time being in force, shall be kept confidential. (3) The records referred to in clause (a) of sub-section (1) shall be ma .....

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tween a client and the reporting entity has ended or the account has been closed, whichever is later. (5) The Central Government may, by notification, exempt any reporting entity or class of reporting entities from any obligation under this Chapter.] .....

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es, financial institutions and intermediaries to maintain records.-(1) Every banking company, financial institution and intermediary shall- (a) maintain a record of all transactions, the nature and value of which may be prescribed, whether such trans .....

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r within such time as may be prescribed; (c) verify and maintain the records of the identity of all its clients, in such manner as may be prescribed: Provided that where the principal officer of a banking company or financial institution or intermedi .....

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