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of <h1>New Amendment Requires Reporting Entities to Verify Documents and Update Client Address within 3 Months Under PMLA Rules.</h1> The Prevention of Money-laundering (Maintenance of Records) Fifth Amendment Rules, 2017, issued by the Ministry of Finance, amends the 2005 rules under the Prevention of Money-laundering Act, 2002. Effective upon publication in the Official Gazette, the amendments specify that reporting entities must compare and verify copies of valid documents against originals. If an officially valid document lacks an updated address, certain documents like recent utility bills, tax receipts, pension orders, or employer-issued accommodation letters may serve as temporary address proof. Clients must provide updated documents with current addresses within three months of submitting these provisional documents.
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