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Question

What is the duration for which the Reporting Entity shall maintain record of documents evidencing identity of its clients and beneficial owners as well as account files and business correspondence relating to its clients under the Prevention of Money-Laundering Act, 2002?

A Be maintained for a period of two years after the business relationship between a client and the reporting entity has ended or the account has been closed, whichever is earlier Correct Answer Incorrect Answer
B Be maintained for a period of five years after the business relationship between a client and the reporting entity has ended Correct Answer Incorrect Answer
C Be maintained for a period of five years after the business relationship between a client and the reporting entity has ended or the account has been closed, whichever is later Correct Answer Incorrect Answer
D Be maintained for a period of five years however, the same can be extended at the if the Authority so requires for the purpose of proceedings under the Act Correct Answer Incorrect Answer

Solution

Section 12 -Reporting entity to maintain records.

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