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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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