Section 64B: Customer due diligence information

64B. Customer due diligence information (1) The central bank may, from time to time, issue such guidelines, directives or instructions to any financial institution, class of financial institutions or holder of a licence, as the central bank considers necessary for the prevention of money laundering or terrorism financing, which may provide for – (a) customer due diligence measures to be undertaken by financial institutions or holders of a licence to prevent money laundering and the financing of terrorism; (b) an on-going duty to keep customer due diligence information up to date in respect of both new and existing customers; and (c) the keeping of records for the purpose of paragraphs (a) and (b). (2) A financial institution or holder of a licence which or who fails to comply with any guideline, directive or instruction issued to it under subsection (1) shall commit an offence and shall, on conviction, be liable to a fine not exceeding 248 Acts 2018 one million rupees and, in the case of a continuing offence, to, after conviction, a further fine of 100, 000 rupees for every day or part of a day during which the offence continues.