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of <h1>Entities Must Verify Clients, Report KYC for Transactions Over 50,000 Under Money-Laundering Rules, 2005</h1> The Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, outlines the obligations of reporting entities to perform client due diligence. Entities must identify and verify clients at the start of an account-based relationship or for transactions over fifty thousand rupees, including international transfers. They must ascertain the client's business nature, ownership, and whether they act on behalf of a beneficial owner, verifying the latter's identity. Reporting entities must file KYC records with the Central KYC Records Registry and update them as needed. They must ensure ongoing due diligence, risk assessment, and compliance with guidelines issued by regulators to mitigate money laundering and terrorist financing risks.
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