Multiple choice

As per prevention of Money Laundering Act, 2002, the banks are required to maintain record of specified transaction for a period of

  1. 20 years

  2. 10 years

  3. 5 - 8 years

  4. 5 years
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D Correct answer
Explanation

In terms of Section 12 of the Prevention of Money Laundering Act, 2002, every reporting entity shall maintain a record of all transactions, including the information furnished to FIU-IND, in such a manner as to enable it to reconstruct individual transactions. The record has to be maintained of the prescribed transactions and information for a minimum period of five years.

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