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Date: 2018-05-16 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by sub section 1 read with clause i clause j clause jj and clause

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

Executive Summary: This notification, issued by the Ministry of Finance, amends the Prevention of Moneylaundering Maintenance of Records Rules, 2005. It introduces modifications to client due diligence requirements, particularly concerning biometric authentication exemptions and the implementation of Client Due Diligence Programmes. The rules came into force on the date of their publication in the Official Gazette: May 16, 2018. Key Points / Main Content: Amendments to Prevention of Moneylaundering Maintenance of Records Rules, 2005: * These rules are called the Prevention of Moneylaundering Maintenance of Records Amendment Rules, 2018. Rule 9 Subrule 14 Amendments: * Clause (i) is amended to include reference to subrule 15. * Clause (ia) is inserted, mandating guidelines to include exemptions, limitations, conditions, and alternative identification methods for clients unable to undergo biometric authentication due to injury, illness, infirmity, or old age. * Clause (ii) is substituted, requiring reporting entities to formulate and implement a Client Due Diligence Programme incorporating subrules 1 to 13, subrule 15, and guidelines issued under clauses (i) and (ia). Impact Analysis: Reporting Entities: * Impact: Must update their Client Due Diligence Programmes to incorporate the new guidelines regarding biometric authentication exemptions and alternative identification methods. * Action Required: Formulate and implement revised Client Due Diligence Programmes compliant with the amended rules. Clients Unable to Undergo Biometric Authentication: * Impact: Benefit from provisions allowing for alternative identification methods to access account-based services. * Action Required: May need to provide alternative forms of identification as per the guidelines issued by reporting entities.

Key Entities Referenced

Prevention of Moneylaundering Act, 2002: Indian legislation aimed at combating money laundering. Specifically, Section 73 is referenced. Reserve Bank of India: The central bank of India, consulted in the formulation of the rules. Prevention of Moneylaundering Maintenance of Records Rules, 2005: The principal rules being amended by this notification. Prevention of Moneylaundering Maintenance of Records Amendment Rules, 2018: The title of the amendment rules introduced by this notification. Ministry of Finance: The government ministry under which the Department of Revenue operates and which issued the notification. Department of Revenue: The department within the Ministry of Finance that issued the notification. New Delhi: The location where the notification was issued, New Delhi, Delhi. Official Gazette: The official government publication in which the rules are to be published.
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(1) इन िनयम4 का संि=C नाम धन-शोधन िनवारण (अिभलेख अनुर=ण) संशोधन िनयम, 2018 ह ै। (2) ये राजपG मH उनके 1काशन क! तारीख को 1वृ2 ह4गे । 2. धन-शोधन िनवारण (अिभलेख अनुर=ण) िनयम, 2005 के िनयम 9 के उप-िनयम (14) मH,- (क) खंड (झ) मH, “ऊपर उप-िनयम (1) से उप-िनयम (13) तक” शKद4, कोLक4 और अंक4 के Mथान पर “उप-िनयम (1) से उप- िनयम (13) तक और उप-िनयम (15)” शKद, कोLक और अंक रखे जाएंगे ; (ख) खंड (झ) के पNात्, िन>िलिखत खंड अ(cid:11)तःMथािपत (cid:4)कया जाएगा, अथा9त्:- “(झक) खंड (झ) के अधीन जारी (cid:4)कए गए माग9दश9क िसPांत4 मH, ऐसे Rाहक4 को, जो चोट, TUणता या वृP अवMथा के कारण शैिथ(cid:6)य या अ(cid:11)यथा और वैसे ही कारण4 के कारण बायोमै-Vक अिध1माणन करने मH असमथ9 ह,; खाता आधा-रत सेवाएं उपलKध कराने के िलए समुिचत छूट, प-रसीमाएं और शतZ तथा पहचान के वैकि(cid:6)पक तथा लाभ1द साधन भी सि[मिलत ह4गे ।”; 2686GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (ग) खंड (ii) के Mथान पर िन>िलिखत खंड रखा जाएगा, अथा9त् :- “(ii) 1\येक -रपोट9 करने वाला अिMत\व उप-िनयम (1) से (13) और उप-िनयम (15) क! अपे=ा] तथा खंड (झ) और खंड (झक) के अधीन जारी माग9दश9क िसPांत4 को समािव^ करते 6ए, Rाहक स[यक त\परता काय9_म तैयार करेगा और उसके काया9ि(cid:11)वत करेगा।”; [अिधसूचना सं. 4/2018/फा. सं. पी.12011/11/2016-ईएस सेल-डीओआर] िब‘लब कुमार नMकर, अवर सिचव (cid:1)(cid:1)(cid:1)(cid:1)टटटट(cid:3)(cid:3)(cid:3)(cid:3)पपपपणणणण :::: मूल िनयम भारत के राजपG, असाधारण, भाग II, खंड 3, उप----खंड (i) मH अिधसूचना संaया सा.का.िन. 444(अ), तारीख 1 जुलाई, 2005 0ारा 1कािशत (cid:4)कए गए थे और त\पNात् उ(cid:11)ह H सा.का.िन. सं. 717(अ), तारीख 13 (cid:4)दस[बर, 2005, सा.का.िन. सं. 389(अ), तारीख 24 मई, 2007, सा.का.िन. सं. 816(अ), तारीख 12 नव[बर, 2009, सा.का.िन. सं. 76(अ), तारीख 12 फरवरी, 2010, सा.का.िन. सं. 508(अ), तारीख 16 जून, 2010, सा.का.िन. सं. 980(अ), तारीख 16 (cid:4)दस[बर, 2010, सा.का.िन. सं. 481(अ), तारीख 24 जून, 2011, सा.का.िन. सं. 576(अ), तारीख 27 अगMत 2013, सा.का.िन. सं. 288(अ), तारीख 15 अ1ैल, 2015, सा.का.िन. सं. 544(अ), तारीख 7 जुलाई, 2015, सा.का.िन. सं. 693(अ), तारीख 11 िसत[बर, 2015, सा.का.िन. सं. 730(अ), तारीख 22 िसत[बर, 2015, सा.का.िन. सं. 882(अ), तारीख 18 नव[बर, 2015, सा.का.िन. सं. 347(अ), तारीख 12 अ1ैल, 2017, सा.का.िन. सं. 538(अ), तारीख 1 जून, 2017, सा.का.िन. सं. 1038(अ), तारीख 21 अगMत, 2017, सा.का.िन. सं. 1057(अ), तारीख 23 अगMत, 2017, सा.का.िन. सं. 1300(अ), तारीख 16 अ3ूबर, 2017, सा.का.िन. सं. 1318(अ), तारीख 23 अ3ूबर, 2017, और सा.का.िन. सं. 1506(अ), तारीख 12 (cid:4)दस[बर, 2018 0ारा संशोिधत (cid:4)कया गया । MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 16th May, 2018 G.S.R. 456(E).—In exercise of the powers conferred by sub-section (1) read with clause (i), clause (j), clause (jj) and clause (k) of sub-section (2) of section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government in consultation with the Reserve Bank of India hereby makes the following rules further to amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, namely:— 1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2018. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, in sub-rule (14) of rule 9, - (a) in clause (i), for the words, brackets and figures “sub-rules (1) to (13) above”, the words, brackets and figures “sub-rules (1) to (13) and sub-rule (15)” shall be substituted; (b) after clause (i), the following clause shall be inserted, namely :— “(ia) The guidelines issued under clause (i) shall also include appropriate exemptions, limitations and conditions and alternate and viable means of identification, to provide account based services to clients who are unable to undergo biometric authentication owing to injury, illness or infirmity on account of old age or otherwise, and such like causes.”; (c) for clause (ii), the following clause shall be substituted, namely : — “(ii) Every reporting entity shall formulate and implement a Client Due Diligence Programme, incorporating the requirements of sub-rules (1) to (13) and sub-rule (15) and guidelines issued under clause (i) and (ia).”. [Notification No. 4/2018/F.No. P.12011/11/2016-ES Cell-DoR] BIPLAB KUMAR NASKAR, Under Secy.¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3 Note : The principal rules were published in Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (i) vide number G.S.R. 444 (E), dated the 1st July, 2005 and subsequently amended by number G.S.R. 717 (E), dated the 13th December, 2005, number G.S.R. 389 (E), dated the 24th May, 2007, number G.S.R.816 (E), dated the 12th November, 2009, number G.S.R. 76 (E), dated the 12th February, 2010, number G.S.R. 508 (E), dated the 16th June, 2010, number G.S.R. 980 (E), dated the 16th December, 2010, number G.S.R. 481 (E), dated the 24th June, 2011 and number G.S.R. 576 (E), dated the 27th August, 2013, number G.S.R. 288 (E), dated the 15th April, 2015, number G.S.R. 544 (E), dated the 7th July, 2015, number G.S.R. 693 (E), dated the 11th September, 2015, number G.S.R. 730 (E), dated the 22nd September, 2015, number G.S.R. 882 (E), dated the 18th November, 2015, number G.S.R. 347 (E), dated the 12th April, 2017, number G.S.R. 538 (E), dated the 1st June, 2017, number G.S.R. 1038 (E), dated the 21st August, 2017, number G.S.R. 1057 (E), dated the 23rd August, 2017, G.S.R. 1300 (E), dated the 16th October, 2017, G.S.R. 1318 (E), dated the 23rd October, 2017 and G.S.R. 1506 (E), dated the 12th December, 2018. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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