Client identification and record retention mandate enhanced reporting and prompt suspicious transaction disclosure under anti money laundering rules. These rules require banking companies, financial institutions and intermediaries to maintain and furnish records of specified cash and non cash transactions and client identity, record transaction nature, amount, date and parties, preserve records in hard and soft form per regulator directions for ten years, implement client identification programmes, designate a Principal Officer to report monthly and promptly report suspicious or forged currency transactions, and verify identity at account opening or within a reasonable time.