NBFCs - Prevention of Money Laundering Amendment Rules, 2009 – Obligation of Banks/FIs

Last updated: 27 May 2010

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NBFCs - Prevention of Money Laundering Amendment Rules, 2009 – Obligation of Banks/FIs

RBI/2009-10/475
DNBS(PD)CC.No 175/03.10.42/2009-10

May 26, 2010

All Non Banking Financial Companies/
Residuary Non Banking Companies

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, 2009 - Obligation of banks/Financial institutions

Government of India vide its Notification No. 7/2010-E.S.F.No6/8/2009-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, which may be studied and the amendments clearly noted and spread across your organisation.

2. NBFCs and RNBCs are advised to strictly follow the amended provisions of PMLA Rules and ensure meticulous compliance with these Rules.

Yours faithfully,

(Uma Subramaniam)
Chief General Manager-in-Charge

Encl: As above