Business Standard

E-KYC to be accepted for verification: Irda

Earlier, Irda had earlier informed insurers that letter issued by UIDAI containing details of name, address and Aadhaar number was considered officially valid document

BS Reporter  |  Mumbai 

Regulatory and Development Authority (Irda) said on Monday that the (electronic know-your-customer) services operationalised by the Unique Identification Authority of India (UIDAI) will be accepted as valid KYC process for insurance.

Earlier, had informed insurers that a letter issued by the UIDAI containing details such as name, address and number was a valid document for customer identification.



UIDAI had operationalised services recently. “The acceptability of these services for KYC purposes under the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, was discussed with the Department of Revenue, Ministry of Finance and operational issues were taken up with the insurers,” said in a circular. It pointed out that the finance ministry has said services may be accepted as a valid process for KYC verification under the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005. In the light of this, “it has been decided that services of UIDAI is acceptable for KYC verification subject to specific and express consent of the customer to access his/her data through UIDAI system”, noted.

The regulator added in cases where services are availed for KYC verification, certification requirements under earlier guidelines of anti-shall be deemed to be complied with.

RECOMMENDED FOR YOU

E-KYC to be accepted for verification: Irda

Earlier, Irda had earlier informed insurers that letter issued by UIDAI containing details of name, address and Aadhaar number was considered officially valid document

Earlier, Irda had earlier informed insurers that letter issued by UIDAI containing details of name, address and Aadhaar number was considered officially valid document Regulatory and Development Authority (Irda) said on Monday that the (electronic know-your-customer) services operationalised by the Unique Identification Authority of India (UIDAI) will be accepted as valid KYC process for insurance.

Earlier, had informed insurers that a letter issued by the UIDAI containing details such as name, address and number was a valid document for customer identification.

UIDAI had operationalised services recently. “The acceptability of these services for KYC purposes under the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, was discussed with the Department of Revenue, Ministry of Finance and operational issues were taken up with the insurers,” said in a circular. It pointed out that the finance ministry has said services may be accepted as a valid process for KYC verification under the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005. In the light of this, “it has been decided that services of UIDAI is acceptable for KYC verification subject to specific and express consent of the customer to access his/her data through UIDAI system”, noted.

The regulator added in cases where services are availed for KYC verification, certification requirements under earlier guidelines of anti-shall be deemed to be complied with.
image
Business Standard
177 22

E-KYC to be accepted for verification: Irda

Earlier, Irda had earlier informed insurers that letter issued by UIDAI containing details of name, address and Aadhaar number was considered officially valid document

Regulatory and Development Authority (Irda) said on Monday that the (electronic know-your-customer) services operationalised by the Unique Identification Authority of India (UIDAI) will be accepted as valid KYC process for insurance.

Earlier, had informed insurers that a letter issued by the UIDAI containing details such as name, address and number was a valid document for customer identification.

UIDAI had operationalised services recently. “The acceptability of these services for KYC purposes under the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, was discussed with the Department of Revenue, Ministry of Finance and operational issues were taken up with the insurers,” said in a circular. It pointed out that the finance ministry has said services may be accepted as a valid process for KYC verification under the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005. In the light of this, “it has been decided that services of UIDAI is acceptable for KYC verification subject to specific and express consent of the customer to access his/her data through UIDAI system”, noted.

The regulator added in cases where services are availed for KYC verification, certification requirements under earlier guidelines of anti-shall be deemed to be complied with.

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard