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    Question

    For how long must a reporting entity maintain the

    information obtained while applying enhanced due diligence measures?
    A Five 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 Ten years from the date of the transaction Correct Answer Incorrect Answer
    D Indefinitely, as long as the client relationship exists Correct Answer Incorrect Answer
    E One year from the date of the transaction Correct Answer Incorrect Answer

    Solution

    Section 12AA. Enhanced due diligence--(1) Every reporting entity shall, prior to the commencement of each specified transaction-- (4) The information obtained while applying the enhanced due diligence measures under 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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