Change in Principal rules - PML(Maintenance of Records) Rules, 2005

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....to force on the date of their publication in the Official Gazette. 2. In the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 (hereinafter referred to as the principal rules), in rule 2, in sub-rule (1), in clause (b), after the word "Act", the words "using reliable and independent sources of identification" shall be inserted. 3. In the principal rules, for rule 3A, the following rule shall be substituted, namely:- "3A. Implementation of policies by groups.- (1) Every reporting entity, which is part of a group, shall implement group-wide programmes against money laundering and terror financing, including group-wide policies for sharing information required for the purposes of client due ....

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....bstituted, namely:- "(1) Every reporting entity shall, at the time of commencement of an account-based relationship or while carrying out occasional transaction of an amount equal to or exceeding rupees fifty thousand, whether conducted as a single transaction or several transactions that appear to be connected, or any international money transfer operations, - (a) identify its clients, verify their identity using reliable and independent sources of identification, obtain information on the purpose and intended nature of the business relationship, where applicable; (b) take reasonable steps to understand the nature of the customer's business, and its ownership and control; (c) determine whe....

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....r clause (a), the following clause shall be substituted, namely:- "(a) the reporting entity immediately obtains from the third party or from the Central KYC Records Registry, the record or the information of such client due diligence carried out by the third party;"; (iii) in sub-rule (8), in clause (v), after the words "settlor", the words ", protector, if any" shall be inserted; (iv) in sub-rule 12, in clause (iii), after the word "obtained", the words ", such that the information or data collected under client due diligence is kept up-to-date and relevant, particularly where there is high risk" shall be inserted; (v) in sub-rule (14),- (a) after sub-clause (ia), the following su....