PMLA-Banks, financial institution to send client KYC records to Central Registry within 10 days

PMLA-Banks, financial institution to send client KYC records to Central Registry within 10 days. the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2018

Under sub rule (1A) of Rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, every reporting entity ( banking company, financial institution, intermediary or a person carrying on a designated business or profession) is required to file the electronic copy of the client’s KYC records with the Central KYC Records Registry shall within three days after the commencement of an account-based relationship with a client.

MINISTRY OF FINANCE
(Department of Revenue)

NOTIFICATION

New Delhi, the 31st October, 2018

G.S.R. 1078(E).—In exercise of the powers conferred by sub-section (1), read with clauses (i), (j), (jj), (jjj) and (k) of sub-section (2) of section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby makes the following rules further to amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, namely:—

1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2018.

(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) Rules, 2005, in rule 9, in sub-rule (1A), for the words “three days”, the words “ten days”, shall be substituted.

[F.No.P.12011/5/2011-SO(ES Cell)-Part 3]
BIPLAB KUMAR NASKAR, Under Secy.

Note: The principal rules were published in Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (i) vide number G.S.R. 444 (E), dated the 1st July, 2005 and subsequently amended vide number G.S.R. 717 (E), dated the 13th December, 2005, number G.S.R. 389 (E), dated the 24th May, 2007, number G.S.R.816 (E), dated the 12th November, 2009, number G.S.R. 76 (E), dated the 12th February, 2010, number G.S.R. 508 (E), dated the 16th June, 2010, number G.S.R. 980 (E), dated the 16th December, 2010, number G.S.R. 481 (E), dated the 24th June, 2011, number G.S.R. 576 (E), dated the 27th August, 2013, number G.S.R. 288 (E), dated the 15th April, 2015, number G.S.R. 544 (E), dated the 7th July, 2015, number G.S.R. 693 (E), dated the 11th September, 2015, number G.S.R. 730 (E), dated the 22nd September, 2015, number G.S.R. 882 (E), dated the 18th November, 2015, number G.S.R. 347 (E), dated the 12th April, 2017, number G.S.R. 538 (E), dated the 1st June, 2017, number G.S.R. 1038 (E), dated the 21st August, 2017, number G.S.R. 1057 (E), dated the 23rd August, 2017, number G.S.R. 1300 (E), dated the 16th October, 2017, number G.S.R. 1318 (E), dated the 23rd October, 2017, number G.S.R. 1506 (E), dated the 12th December, 2017 and number G.S.R. 456(E) dated 16th May 2018.