Every banking company, financial institution and intermediary shall maintain the record of identity and current address or addresses including permanent address or addresses of the client, the nature of business of the client and his financial status.
Relevant portion of Rule 10 of the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005 is reproduced as under: |
