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    Question

    For how long must a reporting entity maintain records of

    transactions under the PMLA?
    A Ten years from the date of the transaction Correct Answer Incorrect Answer
    B Two years from the date of the transaction Correct Answer Incorrect Answer
    C Five years from the date of the transaction Correct Answer Incorrect Answer
    D Indefinitely, without a specific time limit Correct Answer Incorrect Answer
    E One year from the date of the transaction Correct Answer Incorrect Answer

    Solution

    Section 12 Reporting entity to maintain records: (3) The records referred to in clause (a) of sub-section (1) shall be maintained for a period of five years from the date of transaction between a client and the reporting entity. 

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