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of <h1>Record-Keeping Period for KYC, AML, CFT Cut to Five Years Under PMLA Amendment for Money-Changing Activities.</h1> The circular addresses a change in the period for maintaining and preserving records related to Know Your Customer (KYC) norms, Anti-Money Laundering (AML) standards, and Combating the Financing of Terrorism (CFT) obligations under the Prevention of Money Laundering Act (PMLA), 2002, specifically for money-changing activities. Previously, authorized persons were required to maintain records for at least ten years. However, following an amendment to Section 12 of the PMLA, 2002, this period has been reduced to at least five years. These directives are issued under the Foreign Exchange Management Act, 1999, and the PMLA, 2002.
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