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Insertion of new section 12AA.

..... be inserted, namely:- Enhanced due diligence. 12AA. (1) Every reporting entity shall, prior to the commencement of each specified transaction,- (a) authenticate the identity of the clients undertaking such specified transaction in such manner and subject to such conditions as may be prescribed; (b) take additional steps to examine the ownership and financial position, including sources of funds of the client, in such manner as may be prescribed; (c) take additional steps as may be prescribed to record the purpose behind conducting the specified transaction and the intended nature of the relationship between the transaction parties. (2) Where the client fails to fulfil the conditions laid down under sub-section (1), the reporting entity shal .....

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..... of the client undertaking such specified transaction shall be carried out by such other process or mode, as may be prescribed; . (26) Page 53, for lines 37 to 42, substitute - (4) The information obtained while applying the enhanced due diligence measures under sub-section (1) shall be maintained for a period of five years from the date of transaction between a client and the reporting entity. Explanation.- For the purposes of this section, specified transaction means- (a) any withdrawal or deposit in cash, exceeding such amount; (b) any transaction in foreign exchange, exceeding such amount; (c) any transaction in any high value imports or remittances; (d) such other transaction or class of transactions, in the interest or where there is a .....

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..... transactions undertaken by a client is considered suspicious or likely to involve proceeds of crime, the reporting entity shall increase the future monitoring of the business relationship with the client, including greater scrutiny or transactions in such manner as may be prescribed. (4) The information obtained while applying the enhanced due diligence measures under sub-section (1) shall be maintained for a period of five years from the date of transaction between a client and the reporting entity. Explanation.- For the purposes of this section, specified transaction means- (a) any withdrawal or deposit in cash, exceeding such amount; (b) any transaction in foreign exchange, exceeding such amount; (c) any transaction in any high value im .....

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