Banking Co’s/ FIs to register the details of non-profit organization clients on DARPAN Portal of NITI Aayog
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- Last Updated on 10 March, 2023
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Notification No. S.O. 1074(E)., Dated 07.03.2023
The Ministry of Finance has notified an amendment in the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. As per the amended norms, a new clause ‘db’, defining ‘Politically Exposed Persons’ has been introduced in Rule 2(1).
“Politically Exposed Persons” (PEPs) are the individuals who have been entrusted with prominent public functions by a foreign country, including the heads of States or Governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials;”
Further, the rules now require every Banking Company or Financial Institution to register the details of non-profit organisation client on the DARPAN Portal of NITI Aayog. Also, they must maintain such records for a period of 5 years after the business relationship between a client and a reporting entity has ended or the account has been closed, whichever is later.
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