Reporting entity to maintain records
Section 12 of the Prevention of Money-Laundering Act, 2002 deals with reporting entity to maintain records. Every reporting entity shall-- (a) maintain a record of all transactions, including information relating to transactions covered under clause (b), in such manner as to enable it to reconstruct individual transactions; The Act came into force on 01 Jul 2005.
1[12. Reporting entity to maintain records.--(1) Every reporting entity shall--
(a) maintain a record of all transactions, including information relating to transactions covered under clause (b), in such manner as to enable it to reconstruct individual transactions;
(b) furnish to the Director within such time as may be prescribed, information relating to such transactions, whether attempted or executed, the nature and value of which may be prescribed;
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(e) maintain record of documents evidencing identity of its clients and beneficial owners as well as account files and business correspondence relating to its clients.
(2) Every information maintained, furnished or verified, save as otherwise provided under any law for the time being in force, shall be kept confidential.
(3) The records referred to in clause (a) of sub-section (1) shall be maintained for a period of five years from the date of transaction between a client and the reporting entity.
(4) The records referred to in clause (e) of sub-section (1) shall be maintained for a period of five years after the business relationship between a client and the reporting entity has ended or the account has been closed, whichever is later.
(5) The Central Government may, by notification, exempt any reporting entity or class of reporting entities from any obligation under this Chapter.]
Section 12, The Prevention of Money-Laundering Act, 2002 (Act 15 of 2003).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Made under this section, and citing it
3 instruments name this provision in its title or its text without being made under it.
Questions about Section 12
What does Section 12 of the Prevention of Money-Laundering Act deal with?
Section 12 of the Prevention of Money-Laundering Act is headed "Reporting entity to maintain records". [12. Reporting entity to maintain records.--(1) Every reporting entity shall-- (a) maintain a record of all transactions, including information relating to transactions covered under clause (b), in such manner as to enable it to reconstruct individual transactions;
How do I find court cases under Section 12 of the Prevention of Money-Laundering Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Pmla 12, section 12 Pmla, section 12 of the Prevention of Money-Laundering Act. People searching for it also type pmla form 12 and pmla section 12a. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 12 of the Prevention of Money-Laundering Act, and has it changed?
4 other provisions in this corpus refer back to it. 3 instruments name it without being made under it, most recently GSR 684(E) dated 24-9-2014 related to DNFBP (2014), then Notification appoint the Director, Financial Intelligence Unit (2005).
When did Section 12 of the Prevention of Money-Laundering Act come into force?
Section 12 of the Prevention of Money-Laundering Act, cited as Pmla 12, came into force on 01 Jul 2005, having been enacted on 17 Jan 2003. It is in force as at the date shown on this page.
Other sections of this Act
- 2. Definitions1773 words
- 8. Adjudication975 words
- 6. Adjudicating Authorities, composition, powers, etc781 words
- 73. Power to make rules704 words
- 17. Search and seizure570 words
- 5. Attachment of property involved in money-laundering570 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 14 Oct 2026. This page is not a substitute for legal advice.