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of <h1>Indian Agents Must Keep Records for 5 Years Under Amended Money Laundering Act, Down from 10 Years.</h1> The circular addresses authorized persons who are Indian agents under the Money Transfer Service Scheme (MTSS), informing them of a change in the record maintenance and preservation period. Previously, records were to be kept for at least ten years as per earlier directives. However, following an amendment to Section 12 of the Prevention of Money Laundering Act, 2002, the requirement has been reduced to a minimum of five years. These directions are issued under the Foreign Exchange Management Act, 1999, and the Prevention of Money Laundering Act, 2002, and are subject to any additional permissions required under other laws.
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