RBI amends the ‘Know Your Customer’ (KYC) norms to align them with recent amendments carried out in the Prevention of Money Laundering (Maintenance of Records) Rules.
As per the amendment, inter alia, the registered entity shall, for the purpose of establishing an account-based relationship seek the KYC identifier from the customer or retrieve the KYC Identifier, if available, from the CKYCR and proceed to obtain KYC records online by using such KYC Identifier and shall not require a customer to submit the same KYC records or information or any other additional identification documents or details.
The RE may seek if the same, if –
there is a change in the information of the customer as existing in the records of CKYCR; or
the KYC record or information retrieved is incomplete or is not as per the current applicable KYC norms; or
the validity period of downloaded documents has lapsed; or
the RE considers it necessary in order to verify the identity or address (including current address) of the customer, or to perform enhanced due diligence or to build an appropriate risk profile of the customer.
The amendments in the Master Direction shall come into force with immediate effect.
The link to the Notification has been provided.
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