n NISM Certifications
VII NISM Series VII
Medium

For how many years should the records under PMLA be maintained?

Practice question from NISM Series VII Mock Test 4 — bank. The correct answer is highlighted below with a full explanation.

Options

  1. A

    3 years

  2. B

    10 years

  3. C

    7 years

  4. 5 years

    Correct answer

Why this is the answer

Section 12 of PMLA requires reporting entities to maintain records of all transactions for five years from the date of the transaction, to enable reconstruction of transactions if needed.

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NISM Series VII Mock Test 4