Reporting entities under Section 12AA of the Prevention of Money Laundering Act, 2002 must maintain due…
Under PMLA s.12AA(4), due diligence information must be maintained for five years from the date of the transaction, not merely for the account's duration, three years from…
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Reporting entities under Section 12AA of the Prevention of Money Laundering Act, 2002 must maintain due diligence information for-
Answer and explanation
Correct answer B
Under PMLA s.12AA(4), due diligence information must be maintained for five years from the date of the transaction, not merely for the account's duration, three years from account opening, or one year only.