THE PREVENTION OF MONEY-LAUNDERING (MAINTENANCE OF RECORDS) RULES, 2005 1

5424e25566e4dd15a32e66631b7d6cbc34f9252b · 2002 · State unknown

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Parent: THE PREVENTION OF MONEY -LAUNDERING ACT, 2002 (544a163435adf0662860bb3ba3dcf1402ee412e2)

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THE PREVENTION OF MONEY-LAUNDERING (MAINTENANCE OF RECORDS) RULES, 2005 1 In exercise of the powers conferred by sub-section (1) read with clause (h), clause (i) , c lause (j) and clause (k) of sub-section (2) of section 73 of the Prevention of Moneylaundering Act, 2002 (15 of 2003) the Central Government in consultation with the Reserve Bank of India , hereby makes the following rules for . maintenance of records of the nature and value of transactions , the procedure and manner of maintaining and time for furnishing of information and verification of records of the identity of the clients of the banking companies, financial institutions and intermediaries , name ly:- 1. Short title and commencement . -(l) These rules may be called the 2[Prevention of Money-laundering (Maintenance of Records) Rules] , 2005 . (2) They shall come into force on the date " of their publication in the Official Gazette . Definitions.-(l) In these rules, unless the context otherwise requires,- (a) "Act " means the Prevention of Money-laundering Act , 2002 (15 of 2003); 4[(aa) " Central KYCRecords Registry " means a reporting entity, substantially owned and controlled by the Central Government , and authorised by that Government through a notification in the Official Gazette to r eceive, store , safeguard and retrieve the KYCrecords in digital form of a client as referred to in clause (ha) in such manner and to perform such other functions as may be required under these rules;] 5[(aaa) "Aadhaar number " means an identification number as defined under sub-section (a) of section 2 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016;] 5[(aab) "authentication" means the process as defined under sub-section (c) of section 2 of the Aadhaar (Targeted D

Rule TOC

1 · Short title and commencement . -(l) These rules may be called the 2[Prevention of Money-laundering (Maintenance of Records) Rules] , 2005 .

1 · . Vide G . 5.R . 444(E) , dated 1st July, 2005 , published in the Gazette of India, Extra. , Pt . II, Sec. 3(i), dated 1st July, 2005 .

2 · . Subs . by G.S.R . 481(E), dated 24th June , 2011 , for " 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 " (w . e . f. f. 24-6-2011) . .

3 · . Came into force on 1 -7-2005.

4 · . Ins . by G . 5.R . 544(E), dated 7th July, 2015 (w.e . f. 7-7-2015) .

5 · Ins. by G . 5.R . 538(E) , dated 1st June , 2017 (w.e . f. f. 1-6-2017) .

1 · . Ins . by G . S . R . 538(E), dated 1st June, 2017 (w . e . f. f. 1 -6-2017)

2 · Subs . by CS.R . 576(E), dated 27th August , 2013 , for clause (b) (w.e . f. f. 27-8 -2013) . Clause (b) , before substitution , stood as under:

3 · Ins. by C.S . R . 576(E), dated 27th August , 2013 (w . e.f. 27 -8 -2013)

4 · Subs . by CS.R . 544(E) , dated 7th July, 2015, for " Companies Act , 1956 (1 of 1956) " (w.e . f. 7 -7 -2015) .

5 · . Ins . by G.S . R . 980(E) , dated 16th December , 2010 (w . e . f. f. 16 -

6 · Subs. by CS. S. R . 576(E), dated 27th August, 2013, for " sections 12 and 13" (w.e . f. f. 27 -8-2013).

1 · . Ins . by C . 5.R . 544(E), dated 7th July, 2015 (w.e . f. 7-7-2015)

2 · . Ins. by C . s.R . 816(E), dated 12th November, 2009 (w . e . f. f. 12-11 -2009).

3 · Clause (ca) re-numbered as clause (cd) thereof by C . s.R . 544(E), dated 7th July , 2015 (w.e . f. 7-7-2015).

4 · . Subs. by C . s.R . 544(E) , dated 7th July , 2015 , for " section 25 of the Companies Act , 1956 (1 of 1956)" (w . e . f. f. 7-7 -2015).

5 · . Subs . by C . s . R . 538(E) , dated 1st June, 2017, for " the passport , the driving licence , the Permanent Account Number (PAN) Card , the Voter ' s Identity Card issued by Election Commission of India , job card issued by NRECA duly signed by an officer of the State Covernment, the letter issued by the Unique Identification Authority of India or the National Population Register containing details of name , address and Aadhaar number or any other document as notified by the Central Government in consultation with the Regulator" . (w . e.f. f. 1-6 -2017) . Earlier these words were amended by C . 5.R . 980(E) , dated 16th December , 2010 (w . e . f. f. 16-12-2010),by C.S . R . 576(E), dated 27th August , 2013 (w . e . f. f. 27-8-2013)and by C.S . R . 544(E), dated 7th July, 2015 (w.e . f. f. 7 -7-2015) .

6 · . Ins . by C . S . R . 576(E), dated 27th August , 2013 (w.e . f. f. 27 -8 -

7 · . Ins . by C . S.R . 288(E) , dated 15th April , 2015 (w.e . f. f. 15 -

1 · Clause (f) omitted by G.S.R . 1318(E),dated 23rd October , 2017 (w . e . f. f. 23-10-2017) . Clause (f) , before omission , stood as under:

2 · Ins . by G . S . R . 1318(E) , dated 23rd October, 2017 (w . e . f. 23-10-2017)

3 · Ins . by G . S . R . 730(E) , dated 22nd September , 2015 (w . e .

4 · . Subs . by G . 5 . R . 576(E), dated 27th August , 2013, for " banking company, financial institution as the " . e.f. 27 -.

5 · . Subs . by G . 5.R . 347(E), dated 12th April , 2017 , for clause (fa) (w.e . f. 12-4-2017).Earlier clause (fa) was inserted by G.S.R . 816(E),dated 12th November , 2009 (w.e.f. f. 12-11-2009)and amended by G.S . R 576(E), dated 27th August , 2013 (w.e . f. f. 27-8 -2013) . Clause (fa), before substitution , stood as under:

1 · Ins . by G.S.R . 1057(E) , dated 23rd August , 2017 (w.e.f. f. 23 -8 -

1 · [(iii) the Directorate General of Goods and Service Tax intelligence with respect to Gems and Jewellery Sector.]

2 · . Ins. by G . 5.R . 576(E) , dated 27th August, 2013 (w.e . f. f. 27-8-2013).

3 · Ins . by G.S.R . 980(E), dated 16th December , 2010 (w.e . f. f. 16 -12 -2010)

4 · Ins. by G . S . R . 1038(E) , dated 21st August , 2017 (w . e . f. f. 21-8-2017)

5 · . Subs . by G . 5 . R . 816(E) , dated 12th November , 2009 for clause (g) (w . e . f. 12 -11-2009).Earlier clause (g) was amended by G . S . R . 389(E),dated 24th May , 2007 (w.e . f. 24-5-2007) . Clause (g) , before substitution by G . S . R . 816(E),stood as under:

6 · Ins. by G . S.R . 508(E), dated 16th June , 2010 (w . e .

3 · . Maintenance of records of transactions (nature and value).-(l) 2[Every reporting entity shall maintain the record of alltransactions including, the record off-

1 · . Subs. by G . 5 . R 576(E) , dated 27th August , 2013 , for clause (h) (w.e . f. f. 27 -8-2013) Clause (h), before substitution , stood as under:

2 · . Subs. by G . 5 . R 576(E) , dated 27th August , 2013 , for Certain words (w . e . f. 27-8 -2013) Earlier these words were amended by G . S.R . 76(E), dated 12th February, 2010 (w.e . f. f. 12 -2-2010) . The words, before substitution by G . 5.R . 576(E) , dated 27th August, 2013 , stood as under:

1 · . Ins . by G . S.R . 816(E) , dated 12th November , 2009 (w.e . f. 12 -11 -

2 · Subs. by G . S . R . 389(E) , dated 24th May, 2007 , for clause (C) (w.e . f. f. 24 -Clause (C) , before substitution , stood as under:

1 · . Ins. by G . 5 . R . 576(E), dated 27th August , 2013 (w . e . f. f. 27 -8-2013)

2 · Subs . by G . 5 . R . 76(E) , dated 12th February , 2010 , for " shall contain " (w . e . f. f. 12 -

3 · . Subs . by G . S . R 576(E) , dated 27th August , 2013 , for rule 5 (w.e . f. f. 27-8 -2013). Earlier rule 5 was amended by G . 5 . R . 717(E) , dated 13th December, 2005 (w . e . f. f. 13-12-2005) , by G . 5.R . 816(E) , dated 12th November , 2009 (w . e.f. f. 12-11-2009)and by G . S . R . 76(E), dated 12th

1 · . Rule 6 omitted by G.S . R . 576(E)~ dated 27th August , 2013 ' (w.e . f. 27-8-2013) . Earlier ru rule 6 was substituted by G.S . R . 816(E), dated 12th November, 2009 (w.e . f. 12-11-2009) Rule 6 , before omission by G . S.R . 576(E),dated 27th August , 2013,stood as under:

1 · . Ins . by G . 5.R . 730(E) , dated 22nd September , 2015 (w . e . f. f. 22-9-2015).

2 · . Subs. by G . 5.R . 576(E) , dated 27th August, 2013 , for rule 8 (w.e . f. f. 27-8-2013) . Earlier rule 8 was amended by G.S.R . 717(E) , dated 13th December , 2005 (w . e . f, f, 13-12-2005) substituted by G . S.R . 389(E) , dated 24th May , 2007 (w.e . f. f. 24-5-2007) and amended by G . 5.R . 816(E),dated 12th November, 2009 (w . e . f. f. 12-11-2009).Rule 8 , before substitution by G . 5.R . 576(E),dated 27th August , 2013 , stood as under:

1 · . Subs . by C . 5.R . 576(E), dated 27th August , 2013 , for rule 9 (w . e . f. 27 -8 -2013) . Earlier rule 9 was amended by G.S . R . 389(E) , dated 24th May, 2007 (w.e . f. f. 24-5 -2007) ,C ,C . 5.R . 816(E) , dated 12th November 2009 (w.e . f. f. 12-11-2009) ,G ,G . S . R . 76(E),dated 12th February , 2010 (w . e . f. f. 12-2-2010) , C . S.R . 508(E), dated 16th June , 2010 (w.e . f. f. 16-6-2010)and G.S . R . 980(E) , dated 16th December , 2010 (w.e . f. f. 16 -12-2010).Rule 9 , before substitution, by G . 5 . R . 576(E), dated 27th August , 2013 , stood as under:

1 · . Ins. by C . S.R . 544(E),dated 7th July , 2015 (w . e . f. 7 -

1 · . Ins. by C . 5 . R . 544(E), dated 7th July, 2015 (w.e . f. f. 7-7-2015) .

2 · . Subs . by C.S.R . 544(E), dated 7th July, 2015, for clause (a) (w.e . f. f. 7 -7 -2015) . Clause (a) , before substitution , stood as under:

1 · . " Controlling ownership interest " means ownership of or entitlement to more than twenty-five per cent . of shares or capital or profits of the company;

1 · . Subs . by G . 5 . R . 538(E),dated 1st June, 2017, for sub-rule 4 to sub-rule (9) (w.e . f. 1 -Sub-rule (4) to sub-rule (9), before substitution , stood as under:

2 · . Subs. by G . S . R . 1506(E) , dated 12th December , 2017 , for " submit the Aadhaar number and Permanent Account Number by 31st December, 2017" (w . e . f. f. 12-12-2017).

3 · . Subs. by G.S . R . 1506(E),dated 12th December , 2017,for proviso (w . e . f. 12 -12-2017).Proviso , before substitution , stood as under:

1 · . Ins. by G . 5.R . 538(E) , dated 1st June, 2017 (w . e . f. 1-6-2017)

2 · Ins. by G . S.R . 1300(E) , dated 16th October , 2017 (w.e .

3 · . Ins. by G.S.R . 544(E) , dated 7th July, 2015 (w.e . f. f. 7-7-2015)

4 · Subs. by G . 5.R . 882(E), dated 18th November , 2015 , for " ninety days " (w.e . f. f. 18-11-2015) Earlier the words " ninety days" were substituted by G . 5.R . 693(E), dated 11th September , 2015 (w.e . f. f. 11-9-2015) .

1 · . Ins . by G . 5.R . 347(E) , dated 12th April , 2017 (w.e . f. f. 12 -

2 · . Subs. by G . S.R . 576(E) , dated 27th August , 2013,for rule 10 (w.e . f. f. 27-8-2013).Earlier rule 10 was amended G . 5.R . 717(E) , dated 13th December , 2005 (w . e . f. f. 13 -12-2005),by G . 5 . R . 816(E), dated 12th November , 2009 (w . e . f. 12-11-2009)and by G . S . R . 508(E), dated 16th June, 2010 (w . e . f. 16 -6 -2010).Rule 10;before substitution by G . 5 . R . 576(E) , dated 27th August , 2013,stood as under:

3 · . Subs . by G . 5.R . 544(E),dated 7th July , 2015 , sub -rule (1) (w.e . f. f. 7 -7-2015).Sub-rule (1), before substitution , stood as under:

1 · . Subs . by G . 5 . R . 544(E) , dated 7th July, 2015 , for sub-rule (2) (w . e . f. f. 7 -7-2015) . Sub-rule (2) , before substitution, stood as under:

2 · . Ins . by G . 5.R . 576(E), dated 27th August , 2013 (w.e . f. 27 -8-2013)