Prevention of Money laundering Act

Q.  As per the provisions of which act all financial institutions have to maintain a record for all form of transactions?
- Published on 17 Feb 17

a. Companies Act, 1956
b. Credit Information (Companies Regulation Act, 2005)
c. Information Technology Act, 2000
d. PMLA Act, 2002

ANSWER: PMLA Act, 2002
 
As per the provisions of Prevention of Money laundering Act (PMLA Act, 2002) all financial institutions (Ex: NBFC, Co-operative Bank etc.,) and intermediary which includes a stock broker, sub broker etc., have to maintain a record for all form of transactions.

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