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		<title>Anti-money laundering Act: RBI tightens KYC norms for politically Exposed Person</title>
		<link>http://taxguru.in/rbi/anti-money-laundering-act-rbi-tightens-kyc-norms-for-politically-exposed-person.html</link>
		<comments>http://taxguru.in/rbi/anti-money-laundering-act-rbi-tightens-kyc-norms-for-politically-exposed-person.html#comments</comments>
		<pubDate>Sun, 15 Nov 2009 06:50:11 +0000</pubDate>
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				<category><![CDATA[RBI]]></category>
		<category><![CDATA[anti money laundering act]]></category>
		<category><![CDATA[beneficial owner]]></category>
		<category><![CDATA[business relationship]]></category>
		<category><![CDATA[close relatives]]></category>
		<category><![CDATA[due diligence]]></category>
		<category><![CDATA[family members]]></category>
		<category><![CDATA[money laundering act]]></category>
		<category><![CDATA[passports]]></category>
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		<description><![CDATA[WITH the Prevention of Money Laundering (Amendment) Act, 2009 (No 21 of 2009) coming into force from June 1, the RBI has advised all NBFCs to maintain records of clients for a period of 10 years from the date of transaction. The NBFCs will have keep records of the Identity of the Clients, both domestic or international, which will permit reconstruction of individual transactions so as to provide, if necessary, evidence for prosecution of persons involved in criminal activity.]]></description>
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