Multiple choice

Which of the following is incorrect regarding banks that are required to maintain records under prevention of Money Laundering Act, 2002?

  1. Nature of the transaction

  2. Amount of the transaction and the currency

  3. Date of transaction and the parties to the transaction

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The guidelines for the nature of records to be maintained by a bank under Prevention of Money Laundering Act, 2002 are issued by RBI and SEBI from time to time. Under that, all the given options/records should be present. Thus, option 4 is correct.

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