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The Prevention of Money Laundering Act (PMLA), 2002, along with the Know Your Customer (KYC) guidelines, imposes significant responsibilities on banks to prevent money laundering, detect suspicious financial activities, and ensure compliance with regulatory norms. Banks, as financial intermediaries, play a pivotal role in maintaining the integrity of the financial system by implementing strict due diligence measures and reporting mechanisms. Under PMLA, 2002, banks are mandated to maintain records of all transactions, including all cash transactions exceeding a prescribed threshold, cross-border wire transfers, and suspicious transactions, for a minimum period as specified by the law. The law requires banks to furnish detailed information about the identity of clients, nature of transactions, and the sources of funds whenever necessary. These provisions are designed to ensure traceability and accountability of financial ________ _____ ______ ___ ____ ______ ______ ________ ______.
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