New Delhi, March 11 : Centre has amended the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, making it mandatory for banks and financial institutions to record financial transactions of politically exposed persons (PEPs). The amendments, which came into effect from March 7 onwards, also mandate that financial institutions will also have to collect information of financial transactions of non-profit organisations or NGOs. The amended money laundering rules define PEPs as "individuals who have been entrusted with prominent public functions by a foreign country, including the heads of States or Governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials". The financial institutions will also have to register details of their NGO clients on the Darpan portal of the Niti Aayog and maintain the record for five years after the business relationship between a client and a reporting entity has ended or the account has been closed, whichever is later, a gazette notification said. Subsequent to the change in rules, banks will now have to not only maintain records of financial transactions of PEPs and NGOs but also share them with the Enforcement Directorate, as and when required. /IANS