May 17, 2018

The Ministry of Finance vide notification dated May 16, 2018 has issued the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2018 to further amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005.

The following amendments have been made in the Prevention of Money-laundering (Maintenance of Records) Rules, 2005:

·         After clause (i)of sub rule( 9) of rule 14, clause (ia) has been inserted which reads as follows:

“The guidelines issued under clause (i) shall also include appropriate exemptions, limitations and conditions and alternate and viable means of identification, to provide account based services to clients who are unable to undergo biometric authentication owing to injury, illness or infirmity on account of old age or otherwise, and such like causes.”

·         Clause (ii) 0f Sub rule (9) of rule 14 has been substituted as follows:

“Every reporting entity shall formulate and implement a client Due Diligence Programme incorporating the requirements of sub-rule (1) to (13) and guidelines issued under clause (i) and (ia).”

They shall come into force on the date of their publication in the Official Gazette.

[G.S.R. 456(E )]


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