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of <h1>Amendments to Prevention of Money-laundering Rules, 2005: Stricter Record-Keeping & Reporting for Banks, Financial Institutions, Intermediaries.</h1> The notification outlines amendments to the Prevention of Money-laundering Rules, 2005, enhancing the requirements for maintaining records of transactions and client identities by banking companies, financial institutions, and intermediaries. Key changes include defining 'non-profit organisation' and 'Regulator,' expanding the definition of 'suspicious transaction,' and mandating the reporting of transactions exceeding ten lakh rupees by non-profit organizations. The rules now require retention of transaction records for ten years and emphasize client identification and verification processes. Institutions must implement a Client Identification Programme and maintain confidentiality regarding transaction information. The amendments aim to strengthen anti-money laundering measures.
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