Section 12 Reporting entity to maintain records of Prevention of Money Laundering Act (PMLA), 2002
[Reporting entity to maintain records.
12. (1) Every reporting entity shall—
(a) maintain a record of all transactions, including information relating to transactions covered under clause (b), in such manner as to enable it to reconstruct individual transactions;
(b) furnish to the Director within such time as may be prescribed, information relating to such transactions, whether attempted or executed, the nature and value of which may be prescribed;
(c) verify the identity of its clients in such manner and subject to such conditions, as may be prescribed;
(d) identify the beneficial owner, if any, of such of its clients, as may be prescribed;
(e) maintain record of documents evidencing identity of its clients and beneficial owners as well as account files and business correspondence relating to its clients.
(2) Every information maintained, furnished or verified, save as otherwise provided under any law for the time being in force, shall be kept confidential.
(3) The records referred to in clause (a) of sub-section (1) shall be maintained for a period of five years from the date of transaction between a client and the reporting entity.
(4) The records referred to in clause (e) of sub-section (1) shall be maintained for a period of five years after the business relationship between a client and the reporting entity has ended or the account has been closed, whichever is later.
(5) The Central Government may, by notification, exempt any reporting entity or class of reporting entities from any obligation under this Chapter.]
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Used by
- Section 1 Short title, extent and commencement
- Section 5 ATTACHMENT, ADJUDICATION AND CONFISCATION Attachment of property involved in money-laundering.
- Section 6 Adjudicating authorities, composition, powers, etc.
- Section 7 Staff of Adjudicating Authorities.
- Section 8 Adjudication.
- Section 9 Vesting of property in Central Government.
- Section 10 Management of properties confiscated under this Chapter.
- Section 11 Power regarding summons, production of documents and evidence, etc.
- Section 12 Reporting entity to maintain records
- Section 12A Access to information.
- Section 13 Powers of director to impose fine.
- Section 14 No civil or criminal proceedings against reporting entity, its directors and employees in certain cases
- Section 15 Procedure and manner of furnishing information by reporting entities.
- Section 16 Power of survey.
- Section 17 Search and seizure.
- Section 18 Search of persons.
- Section 19 Power to arrest.
- Section 20 Retention of property.
- Section 21 Retention of records.
- Section 22 Presumption as to records or property in certain cases.
- Section 23 Presumption in inter-connected transactions.
- Section 24 Burden of proof.
- Section 25 Appellate Tribunal.
- Section 26 Appeals to Appellate Tribunal.
- Section 27
- Section 28
- Section 29
- Section 30
- Section 31
- Section 32
- Section 33
- Section 34
- Section 35 Procedure and powers of Appellate Tribunal.
- Section 36 Distribution of business amongst Benches.
- Section 37 Chairman to transfer cases.
- Section 38 Decision to be by majority.
- Section 39 Right of appellant to take assistance of authorised representative and of Government to appoint presenting officers.
- Section 40 Members, etc., to be public servants.
- Section 41 Civil court not to have jurisdiction.
- Section 42 Appeal to High Court.
- Section 43 Special Courts.
- Section 44 Offences triable by Special Courts.
- Section 45 Offences to be cognizable and non-bailable.
- Section 46 Application of Code of Criminal Procedure, 1973 to proceedings before Special Court.
- Section 47 Appeal and revision.
- Section 48 Authorities under Act.
- Section 49 Appointment and powers of authorities and other officers.
- Section 50 Powers of authorities regarding summons, production of documents and to give evidence, etc.
- Section 51 Jurisdiction of authorities.
- Section 52 Power of Central Government to issue directions, etc.
- Section 53 Empowerment of certain officers.
- Section 54 Certain officers to assist in inquiry, etc.
- Section 55 RECIPROCAL ARRANGEMENT FOR ASSISTANCE IN CERTAIN MATTERS AND PROCEDURE FOR ATTACHMENT AND CONFISCATION OF PROPERTY Definitions.
- Section 56 Agreements with foreign countries.
- Section 57 Letter of request to a contracting State in certain cases.
- Section 58 Assistance to a contracting State in certain cases.
- Section 58A Special Court to release the property.
- Section 58B Letter of request of a contracting State or authority for confiscation or release the property.
- Section 59 Reciprocal arrangements for processes and assistance for transfer of accused persons.
- Section 60 Attachment, seizure and confiscation, etc., of property in a contracting State or India.
- Section 61 Procedure in respect of letter of request.
- Section 62 Punishment for vexatious search.
- Section 63 Punishment for false information or failure to give information, etc.
- Section 64 Cognizance of offences.
- Section 65 Code of Criminal Procedure, 1973 to apply.
- Section 66 Disclosure of information.
- Section 67 Bar of suits in civil courts.
- Section 68 Notice, etc., not to be invalid on certain grounds.
- Section 69 Recovery of fine or penalty.
- Section 70 Offences by companies.
- Section 71 Act to have overriding effect.
- Section 72 Continuation of proceedings in the event of death or insolvency.
- Section 73 Power to make rules.
- Section 74 Rules to be laid before Parliament.
- Section 75 Power to remove difficulties.
- Section 2 Definitions.