StCBs/DCCBs - Prevention of Money-laundering Amendment Rules, 2010 - Obligation of Banks/AIFIs - ربی - Reserve Bank of India
StCBs/DCCBs - Prevention of Money-laundering Amendment Rules, 2010 - Obligation of Banks/AIFIs
RBI/2009-10/468 May 14, 2010 The Chairmen/CEOs of all State / Central Co-operative Banks Dear Sir, 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, 2010 - Obligation of banks/All India Financial institutions Government of India vide its Notification No. 7/2010-E.S.F.No.6/8/2009-E.S dated February 12, 2010 has amended the 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) Rules, 2005. A copy of the Notification is enclosed for ready reference. 2. The salient features of the amendment inter alia require State and Central Co-operative Banks:
3. Further, in rule 9 in sub-rule (1A) an explanation of 'beneficial owner' has been inserted in terms of which " 'Beneficial Owner' shall mean the natural person who ultimately owns or controls a client and or the person on whose behalf a transaction is being conducted, and includes a person who exercise ultimate effective control over a juridical person". 4. State and Central Cooperative Banks are advised to strictly follow the amended provisions of PMLA Rules and ensure meticulous compliance to these Rules. Yours faithfully, (R.C.Sarangi) Encl: As above |
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