RBI/2013-14/657
A. P. (DIR Series) Circular No. 149
June 25, 2014
To,
All Authorised Persons
Madam / Sir,
Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/ Combating
the Financing of Terrorism (CFT)/ Obligation of Authorised Persons under
Prevention of Money Laundering Act (PMLA), 2002 – Money Changing Activities -
Change in period of maintenance and preservation of records
Please refer to clause (iii) – ‘Maintenance and Preservation of Record’ of para
4.13 of our A.P. (DIR Series) Circular No.17 [A.P. (FL/RL Series) Circular
No.04] dated November 27, 2009 on the captioned subject, as amended from time to
time.
- In terms of the above mentioned provisions, Authorised Persons are
required to maintain and preserve records mentioned therein for a period of at
least ten years. In view of the amendment to Section 12 of Prevention of Money
Laundering Act, 2002 through Prevention of Money Laundering (Amendment) Act,
2012, Authorised Persons are now required to maintain and preserve records for a
period of at least five years.
- The directions contained in this Circular have been issued under Section
10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of
1999) and also under the, Prevention of Money Laundering Act, (PMLA), 2002, as
amended from time to time and are without prejudice to permission /approvals, if
any, required under any other law.
Yours faithfully,
(B. P. Kanungo)
Principal Chief General Manager