Section 12 of the Prevention of Money Laundering Act, 2002 and rules thereunder require every banking company, financial institution and intermediary to verify and maintain the records of the identity of all its clients, in such manner as may be prescribed.
Rules 9 and 10 of the Rules notified by Notification No. 9/2005 dated 1st July 2005 provide for verification and maintenance of the records of the identity of clients. |
