Section 7
Liability Of Government Entity, Bank, Financial Institution And Non- financial Institution
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(1) The government entity, bank, financial institution and non financial institution shall fulfill the following liabilities for the purpose of this
Act:-
(a) To maintain records of amount transacted beyond the limit prescribed by Rastra Bank at a single or in a series of transactions by
a person,
(b) To investigate and inquire any transactions which seem to be doubtful or transacted with the motive of assets laundering or so
laundered or there are reasonable grounds for getting into suspicion,
(c) To inform the Financial Information Unit about the transactions made under Clause (a) within seven days of event and immediately
for the transactions made under clause (b).
(2) In case, any information has not been supplied to the Financial Information Unit pursuant to Sub-Section (1) or something different in details or
information has been received after the supply of details or information in the course of transaction, the concerned entity, bank, financial institution or non
financial institution shall inform such details to the Financial Information Unit immediately.
(3) Notwithstanding anything in Sub-Section (1), in case, there is any suspicion in the transactions of persons having regular business relation or transactions, the concerned entity, bank, financial institution or non-banking financial institution shall inform the Financial Information Unit after making an inquiry.
(4) The records of transaction referred to in this Section shall be maintained secured at least for a period of five years from the date of such transaction.
(1) The government entity, bank, financial institution and non financial institution shall fulfill the following liabilities for the purpose of this
Act:-
(a) To maintain records of amount transacted beyond the limit prescribed by Rastra Bank at a single or in a series of transactions by
a person,
(b) To investigate and inquire any transactions which seem to be doubtful or transacted with the motive of assets laundering or so
laundered or there are reasonable grounds for getting into suspicion,
(c) To inform the Financial Information Unit about the transactions made under Clause (a) within seven days of event and immediately
for the transactions made under clause (b).
(2) In case, any information has not been supplied to the Financial Information Unit pursuant to Sub-Section (1) or something different in details or
information has been received after the supply of details or information in the course of transaction, the concerned entity, bank, financial institution or non
financial institution shall inform such details to the Financial Information Unit immediately.
(3) Notwithstanding anything in Sub-Section (1), in case, there is any suspicion in the transactions of persons having regular business relation or transactions, the concerned entity, bank, financial institution or non-banking financial institution shall inform the Financial Information Unit after making an inquiry.
(4) The records of transaction referred to in this Section shall be maintained secured at least for a period of five years from the date of such transaction.