Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Amendment Rules, 2007. - 4/2007-E.S - Prevention of Money-Laundering
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Suspicious transaction reporting: amendments require prompt electronic reporting for counterfeit or terrorism linked suspicions and streamlined record copies. Amendment revises suspicious transaction definitions to include transactions lacking economic rationale or suggesting terrorism financing and those involving forged or counterfeit currency or securities. It requires the Principal Officer to furnish monthly reports for routine categories and to provide prompt written, fax or electronic reports within a short working day window for forgery/counterfeit and suspicious transactions, and reduces multiple certified copy requirements to a single certified copy.
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Provisions expressly mentioned in the judgment/order text.
Suspicious transaction reporting: amendments require prompt electronic reporting for counterfeit or terrorism linked suspicions and streamlined record copies.
Amendment revises suspicious transaction definitions to include transactions lacking economic rationale or suggesting terrorism financing and those involving forged or counterfeit currency or securities. It requires the Principal Officer to furnish monthly reports for routine categories and to provide prompt written, fax or electronic reports within a short working day window for forgery/counterfeit and suspicious transactions, and reduces multiple certified copy requirements to a single certified copy.
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