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Home > Notifications > Rule 7- Procedure and manner of furnishing information
Procedure and manner of furnishing information
Rule 7 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 lays down the procedure and manner of furnishing information.

"7. Procedure and manner of furnishing information. - (1) Every banking company, financial institution and intermediary, as the case may be, shall communicate the name, designation and address of the Principal Officer to the Director.

(2) The Principal Officer shall furnish the information referred to in rule 3 to the Director on the basis of information available with the banking company, financial institution and intermediary, as the case may be. A copy of such information shall be retained by the Principal Officer for the purposes of official record.

(3) Every banking company, financial institution and intermediary may evolve an internal mechanism for furnishing information referred to in rule 3 in such form and at such intervals as may be directed by [its Regulator]* .

(4) It shall be the duty of every banking company, financial institution and intermediary to observe the procedure and the manner of furnishing information referred to in rule 3 as specified by [its Regulator]* under sub-rule (3), as the case may be."
*Substituted for 'the Reserve Bank of India or the Securities and Exchange Board of India [or the Insurance Regulatory and Development Authority, as the case may be' vide Notification No. 13/2009 dated 12-11-2009
Notifications >> Notification No. 9/2005 - Rules for Record Keeping and Reporting
Notifications >> Notification No. 13/2009 - Amendment to Rules
Notifications >> Rule 1 - Short title and commencement
Notifications >> Rule 2 -Definitions
Notifications >> Rule 3 - Maintenance of records of transactions
Notifications >> Rule 4 - Records containing information
Notifications >> Rule 5 - Procedure and manner of maintaining information
Notifications >> Rule 6 - Retention of Records
Notifications >> Rule 8 - Furnishing of information to the Director
Notifications >> Rule 9 - Verification of the records of the identity of clients
Notifications >> Rule 10 - Maintenance of the records of the identity of clients
Notifications >> Rule 11 - Interpretation
Notifications >> Notification No. 15/2005 - Amendment to Rules
PMLA >> Section 12 - Obligations under PMLA
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