What are the obligations for maintenance of records under PMLA?


In terms of section 12 of the Prevention of Money Laundering Act, 2002, every reporting entity shall maintain a record of all transactions, including the information furnished to FIU-IND, in such a manner as to enable it to reconstruct individual transactions. The Reporting Entities shall also maintain record of documents evidencing the identity of its clients and beneficial owners as well as account files and business correspondence relating to its clients.

The record has to be maintained of the prescribed transactions and information for a minimum period of five years.