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of <h1>Financial Institutions Must Record Transactions Over 10 Lakh and Suspicious Activity Under Prevention of Money Laundering Act, 2002.</h1> The Prevention of Money Laundering Act, 2002, effective from July 1, 2005, mandates that banking companies, financial institutions, and market intermediaries maintain records of specified transactions. These include cash transactions exceeding 10 lakhs or equivalent in foreign currency, series of connected transactions below 10 lakhs within a month, and all suspicious transactions, whether cash or not. Suspicious transactions encompass those integrally or remotely connected. Notifications and rules under this Act were published by the Department of Revenue, Ministry of Finance, Government of India, to ensure compliance and strengthen anti-money laundering measures.
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