Section 10 in The Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the .. of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005
10. Maintenance of the records of the identity of clients. —(1) Every banking company or financial institution or intermediary, as the case may be, shall maintain the records of the identity of its clients.
(2)The records of the identity of clients shall be maintained in hard and soft copies in a manner as may be specified by 20 [its Regulator,] from time to time.(3)The records of the identity of clients shall be maintained for a period of ten years from the date of cessation of the transactions between the client and the banking company or financial institution or intermediary, as the case may be. 21 [ Explanation .—For the purposes of this rule,—(i) the expression ‘records of the identity of clients' shall include records of the identification data, account files and business correspondence.(ii)the expression ‘cessation of the transactions' means termination of an account or business relationship.]the Prevention of Money-laundering(Maintenance of Records of the Nature and Value of Transactions, the Procedureand Manner of Maintaining and Time for Furnishing Information and Verificationand Maintenance of Records of the Identity of the Clients of the BankingCompanies, Financial Institutions and Intermediaries) Rules, 2005
