📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • ✖

      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.

      Practice Next
      More Other Laws and Acts Questions

      Relevant for Exams:

      ask-question