| Section 12 of the Prevention of Money Laundering Act, 2002,
makes it mandatory for every banking company, financial institution
and intermediary to maintain a record of all transactions, the
nature and value of which may be prescribed. Rule 3, 4, 5 and 6 of
the Rules notified by Notification No. 9/2005 dated 1st July 2005 specifically provide rules for maintenance and retention of records. |
