Page 2 - Kyc Norms

BoB World app scam cases: FinMin pushes for enhanced KYC procedure

In a bid to check incidence of BoB World app scam and other such financial frauds, the finance ministry makes a case for an enhanced KYC procedure and extensive due diligence by banks and financial institutions for onboarding merchants to safeguard customers against cyber risks, sources said. Appropriate due diligence of merchants and Business Correspondents (BCs) who offer banking services in rural and remote areas is necessary not only to check frauds but also to fortify the financial ecosystem, sources said. According to sources, there is a need to strengthen data security and data protection at the level of merchants and BCs as chances of compromise are higher at that level. Therefore, sources said, RBI may advice banks and financial institutions to review the concentration of BCs in cyber fraud hotspots and their onboarding, blocking of micro ATMs found to be involved in frauds. This was one of the suggestions made at an inter-ministerial meeting held recently with the objecti

Mutual Fund KYC with bank statement, utility bill now invalid: Details here

From April 1, the range of documents accepted for proof of identity or address will be more limited, impacting both new and existing investors

Identity security firm IDfy raises $27 mn for business expansion

Company's products help in employee background verification, risk and fraud mitigation

Indian banks to enhance KYC standards with multi-level verification

Currently, passport, Aadhaar, voter card, NREGA card, PAN card, or driving licence are accepted as valid means to open a bank account

FASTag KYC last date today: Check how to update and documents required here

NHAI is likely to extend the 'One Vehicle, One FASTag' initiative compliance deadline to March-end

FM Nirmala Sitharaman asks fintechs to blend innovation, compliance

Regulators told to hold monthly meetings with startups and fintech firms

Govt may look at enhanced KYC requirements for certain class of corporates

The government might look at enhancing the scrutiny of certain class of corporates, including in terms of KYC requirements, as efforts continue to weed out unscrupulous elements and curb possible misdoings, according to a senior official. The matters related to KYC (Know Your Customer), including a simplified and uniform system, are still under discussion, and a committee headed by the finance secretary is looking into various aspects. The senior official on Monday said that various aspects related to having a uniform KYC are being discussed and in the case of the corporate affairs ministry, Permanent Account Number (PAN) is being used for KYC requirements. The ministry is implementing the companies law and Limited Liability Partnership (LLP) Act, among other legislations. Further, the official said enhanced KYC requirements might be explored for certain class of corporates. As many as 26,28,865 companies were registered in the country as on January 31, 2024, and out of the total,

RBI allows banks, non-banks to issue PPIs for public transport systems

The regulator amended guidelines for prepaid payment instruments for mass transit systems (PPI-MTS). It said such PPIs can be issued without Know Your Customer (KYC) verification of the holders

Central Depository Services India to inspect Paytm Money's KYC process

Central Depository Services India (CDSL) may initiate inspection into Paytm Money's customer verification protocols following RBI's directives and regulatory actions against Paytm Payments Bank

Shadow of KYC-led money laundering falls over Paytm Payments Bank

Payments bank says it has upheld compliance with supervisory instructions

RBI urges public to be cautious of fraud in the name of KYC update

The regulator asked customers to lodge a complaint on the National Cyber Crime Reporting Portal (www.cybercrime.gov.in) or through the cybercrime helpline (1930) in case of financial cyber frauds

No changes in tax regime: Palkhiwala would have been pleased

His constant lament was that he longed for a budget, which would make zero changes in the Income Tax Act

Fintech firm Amazon Pay launches sign language video KYC service

Company says it has trained more than 120 employees for the service and developed interactive modules

RBI plans to bar outsourcing of know-your customer compliance norms

REs have been instructed to ensure that DSA, DMA, and Recovery Agents are adequately trained to handle their responsibilities with care and sensitivity

RBI imposes Rs 5.39 cr penalty on Paytm Payments Bank for non-compliance

The Reserve Bank of India on Thursday said it has imposed a penalty of Rs 5.39 crore on Paytm Payments Bank Ltd for non-compliance with certain provisions, including Know Your Customer (KYC) norms. The central bank also found non-compliance with certain provisions related to 'RBI Guidelines for Licensing of Payments Banks', 'Cyber security framework in banks' and 'Securing mobile banking applications including UPI ecosystem'. A special scrutiny from KYC/AML (Anti Money Laundering) perspective of the bank was conducted and a comprehensive system audit of the bank was conducted by auditors identified by RBI, according to an official statement. After examination of the reports, RBI in the statement said it found that Paytm Payments Bank failed to identify beneficial owner in respect of entities onboarded for providing payout services. It was also revealed that the bank did not monitor payout transactions and carry out risk profiling of entities availing payout services, RBI ...

Centre makes registration mandatory for SIM card dealers: Details here

The ministry of communications has introduced reforms aimed at safeguarding the telecom ecosystem and enhancing customer protection

Police verification of SIM dealers mandatory to curb frauds: Vaishnaw

The government has made police verification of SIM card dealers mandatory and discontinued the provision of bulk connections to curb fraudulent activities, Union minister Ashwini Vaishnaw said on Thursday. The minister said that the government has disconnected 52 lakh mobile connections. While 67,000 dealers have been blacklisted, 300 FIRs have been filed against SIM card dealers since May 2023. The minister said WhatsApp on its own blocked around 66,000 accounts that were involved in fraudulent activities. "Now we have made police verification of SIM dealers mandatory to curb frauds. Penalty of Rs 10 lakh will be imposed on dealers found violating norms," Vaishnaw said. He said that there are 10 lakh SIM dealers and they will be given sufficient time for police verification. The minister said that the Department of Telecommunications has also discontinued the provision of bulk connections and instead a new concept of business connection will be introduced. "Besides, KYC of ...

Crypto exchange KuCoin to make KYC compulsory for all users from July 15

The users will also not be able to deposit more money for investment in their wallets but the withdrawals will remain unaffected

Manipur violence: What are RBI's riot relief measures invoked by the state?

The rules under these measures specify several norms that must be followed for restructuring the loans, providing fresh loans and other measures, including KYC norms

Illegal freezing of bank accounts

Unilaterally freezing an account has a series of consequences on standing instructions, for loan repayments, credit-card payments