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      Question

      Under the PMLA, the records of transactions maintained

      by reporting entities must be preserved for a period of how many years after the transaction?
      A 10 years Correct Answer Incorrect Answer
      B 5 years Correct Answer Incorrect Answer
      C 3 years Correct Answer Incorrect Answer
      D 7 years Correct Answer Incorrect Answer
      E 2 years Correct Answer Incorrect Answer

      Solution

      Under the Prevention of Money Laundering Act and the rules made thereunder, reporting entities are required to maintain records of transactions and of the identity of their clients for a period of five years from the date of the transaction or from the date of cessation of the business relationship, as applicable. The preservation of records for this period supports investigation and prosecution of money laundering. It ensures that relevant financial information remains available to the authorities when required.

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