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of <h1>Reporting Entities Must Keep Physical Client Records Per Prevention of Money-Laundering Rules, 2005; Close Accounts if Records Absent.</h1> Every reporting entity must maintain physical copies of client identity records after submitting electronic copies to the Central KYC Records Registry, as per the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005. The manner of maintaining these records is specified by the regulator. If a reporting entity lacks existing client identity records, it must obtain them within a specified period or close the client's account after due notice. The term 'records of the identity of clients' includes updated identification data, account files, business correspondence, and analysis results.
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