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Section 11 – The Prevention of Money-Laundering Bill, 1999

The Prevention of Money-Laundering Bill, 1999

 

11. Banking Companies, Financial Institutions and intermediaries to maintain records –

  

(1) Every banking company or financial institution and Intermediary shall-

 

(a) Maintain a record of all transactions, the nature and value of which may be prescribed, whether such transactions comprise of a single transaction or a series of transactions integrally connected to each other, and where such series of transactions take place within a month;

 

(b) Furnish information of transactions referred to in clause (a) to the Director within such time as may be prescribed;

 

(c) Verify and maintain the records of the identity of all its clients, in such a manner as may be prescribed.

 

(2) The records referred to in sub-section (1) shall be maintained for a period of five years from the date of cessation of the transactions between the clients and the banking company or financial institution or intermediary, as the case may be.

 

 

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The Prevention of Money-Laundering Bill, 1999

 

Indian Laws – Bare Acts

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