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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.

Money Laundering - G.S.R. 508(E) - Dated:- 16-6-2010 - 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), the Central Government, in consultation with the Reserve Bank of India, hereby makes the following rules further to amend the Preven .....

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(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) Rules, 2005,- (a) in rule 2, in sub-rule (1), after clause (g), the following Explanation shall be inserted, namely :- Explanation.-Transaction involving financing of the activities relating to terrorism includes tr .....

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ke 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 that they are consistent with their knowledge of the client, his business and risk profile and where necessary, the source .....

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