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Prevention of Money-laundering (Maintenance of Records) Amendment Rules 2015.

Money Laundering - 04/2015 - Dated:- 7-7-2015 - MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NEW DELHI Notification No. 4/2015 Dated 7-7-2015 G.S.R. 544(E),-In exercise of the powers conferred by sub-section (1) read with clauses (i), (j), (jj), (jjj) and (k) of sub-section (2) of section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government in consultation with the Reserve Bank of India hereby makes the following rules further to amend the Prevention of Money-la .....

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ment, 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;'; (II) in clause (ba), in the Explanation for the words, figures and brackets "Companies Act, 1956 (1 of 1956)", the words, figures and brackets "Companies Act, 2013 (18 of 2013)" shal .....

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client by the Central KYC Records Registry; (cb)"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; (cc) "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;'; (V .....

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tral KYC Records Registry; (1B) The Central KYC Records Registry shall process the KYC records received from a reporting entity for de-duplicating and issue a KYC Identifier for each client to the reporting entity, which shall communicate the KYC Identifier in writing to their client; (1C) Where a client, for the purposes of clause (a) and clause (b), submits a KYC Identifier to a reporting entity, then such reporting entity shall retrieve the KYC records online from the Central KYC Records Regi .....

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igence or to build an appropriate risk profile of the client. (1D) A reporting entity after obtaining additional or updated information from a client under sub-rule (1C), shall as soon as possible furnish the updated information to the Central KYC Records Registry which shall update the existing KYC records of the client and the Central KYC Records Registry shall thereafter inform electronically all reporting entities who have dealt with the concerned client regarding updation of KYC record of t .....

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arty unless authorised to do so by the client or by the Regulator or by the Director; (1G) The regulator shall issue guidelines to ensure that the Central KYC records are accessible to the reporting entities in real time.". (II) in sub-rule (2), for clause (a), the following clause shall be substituted, namely: - '(a) the reporting entity, within two days, obtains from the third party or from the Central KYC Records Registry records or the information of the client due diligence carried .....

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cords obtained by the reporting entities from their clients in accordance with these rules. (2) The Central KYC Registry shall perform the following functions and obligations, namely: - (a) shall follow any operating instructions issued by the Regulator, consistent with the guidelines referred to in clause (g) and issue the same to implement the requirements of these rules; (b) shall be responsible for storing, safeguarding and retrieving the KYC records and making such records available online .....

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