TMI BlogPrevention 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.X X X X Extracts X X X X X X X X Extracts X X X X ..... Laundering - Money Laundering - PMLA - Notifications - PMLA - Ministry of Finance (Department of revenue) Notification New Delhi, the dated 16-6-2010 G.S.R. 508(E), In exercise of the powers conferred by sub-section (1) read with clause (h), clause (i), clause (j) and clause (k) of sub-section (2) of section 73 of the Prevention of Money-Laundering Act, 2002 (15 of 2003), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns and Intermediaries) Second Amendment Rules, 2010. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the 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 Cli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ner and take all reasonable steps to verify his identity. (c) in rule 9, for sub-rule (1B), the following sub-rule shall be substituted, namely :- (1B) Every banking company, financial institution and intermediary, as the case may be, shall exercise ongoing due diligence with respect to the business relationship with every client and closely examine the transactions in order to ensure tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion data, every banking company, financial institution and intermediary shall review the due diligence measures including verifying again the identity of the client and obtaining information on the purpose and intended nature of the business relationship, as the case may be. (f) in rule 10, after sub-rule (3), the following Explanation shall be inserted, namely :- Explanation .-For the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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