Page 6 - Kyc

RBI imposes penalty on Axis Bank, Manappuram Finance for violating norms

The central bank imposed a monetary penalty of Rs 42.78 lakh on Manappuram Finance on account of failing to adhere to certain regulations

Adopt risk-based approach for periodic updation of KYC: RBI asks banks

The Reserve Bank on Tuesday tightened the customer due diligence (CDD) norms by asking banks and regulated entities to adopt a risk-based approach for periodic updation of KYC. After a review, the central bank has made amendments to the Master Direction (MD) on Know Your Customer (KYC). Regulated Entities (REs) have to undertake customer due diligence (CDD) as per the process for their customers. The amendments follow the latest government instructions related to the Prevention of Money-Laundering Rules, Unlawful Activities (Prevention) Act (UAPA), and Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act. The Reserve Bank said it has also updated certain instructions in accordance with the FATF recommendations. The latest Master Directions said the risk-based approach for periodic updation of KYC has been amended to be read as: "REs shall adopt a risk-based approach for periodic updation of KYC ensuring that the information or data collec

RBI revises its KYC rules to strengthen money laundering prevention

The revised norms clarify the standing of principal officers (PO) in regulated entities (RE) who are responsible for furnishing information

Centralised reporting makes claiming shares after investor's death easier

Procedure applies only to Sebi-regulated investments, not to bank accounts, insurance policies, other assets

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

Only GPS-enabled vehicle for inter-state apple transport, KYC to be checked

Only GPS-enabled vehicles will be registered for the inter-state transportation of apples and KYCs of dubious merchants would be scrutinised, police officials here said on Wednesday. As per police data, about 100 vehicles carrying apples were stolen, and over 500 cases of cheating, forgery and non-payment of dues were registered in the past three years in Shimla district. "To curb such instances, only GPS-enabled vehicles will be registered for the inter-state transportation in Shimla district and the police will keep access of these GPS devices," SP Shimla Sanjeev Kumar Gandhi told PTI. This will help in tracing stolen vehicles and vehicles diverted from their expected routes, he said. Himachal Pradesh has a Rs 5,000 crore economy related to apple production and sales, and the peak season for the fruit begins in mid-July and lasts till October-end. Some varieties start hitting the market by June-end, while apples from higher reaches and tribal areas continues till October-end. The

Loan closure to KYC norms: What RBI panel's suggestions mean for you

Proposals will improve banking for customers; make lenders be mindful of how they sell products

Visits to banks, physical presentation of documents can be avoided: Report

The report also suggested that REs may adopt Faceless / Straight Through Processes' (STPs) in order to close accounts, and/or accept, acknowledge, and track the communication by the customer

What is C-KYC? All you need to know about the centralised database

The Central-Know Your Customer is meant to facilitate faster and smoother transactions for individuals and financial institutions. Here is everything you need to know about the system

Irdai forms task force to facilitate ease of doing KYC using Aadhaar

Regulator Irdai has constituted a task force to facilitate ease of doing Know Your Customer (KYC) by insurers using Aadhaar, the 12-digit individual identification number. In a circular, the Insurance Regulatory and Development Authority of India (Irdai) said presently, the UIDAI framework allows insurance companies to indentify the customer by using his/her Aadhaar with consent management. "In the absence of the Unique Customer Identification in the insurance sector, insurance companies are facing various issues while providing the services and claims apart from ease of onboarding the customers, circumventing possible frauds, etc," it said. The 12-member task force is being headed by Member (F&I), Irdai. The panel has been asked to suggest measures to ease of onboarding of customers using Aadhaar, and steps for fraud management at underwriting and claims stages. It has also to suggest measures for improving the traceability of customers/beneficiaries to reduce unclaimed amounts .

RBI updates KYC instructions on wire transfers for banks, institutions

The Reserve Bank on Thursday instructed banks and other financial institutions to ensure cross-border as well as domestic wire transfers contain complete information about the originator and beneficiary. The central bank has updated instructions in the Master Direction on Know Your Customer (KYC) related to wire transfers and also aligned the same with the relevant recommendation of the Financial Action Task Force (FATF). "All cross-border wire transfers shall be accompanied by accurate, complete, and meaningful originator and beneficiary information...," as per the updated instructions in the Master Direction. Also, domestic wire transfers, where the originator is an account holder of the ordering regulated entity (RE), should be accompanied by originator and beneficiary information, as in the case of cross-border wire transfers. "Domestic wire transfers of Rs 50,000 and above, where the originator is not an account holder of the ordering RE, shall also be accompanied by originato

High-balance bank accounts without updated KYC under govt's radar

The RBI has instructed banks to finish updating KYC on a recurring basis for all customers with active accounts by June 2023, an official said

MCA portal sees 20 times increase in number of authenticated users

A key feature of the portal is to identify the transactions by linking each user ID with PAN number

Full-KYC Paytm wallets can now make payments across all UPI QR codes

Move comes after NPCI announces KYC wallet interoperability

Accept investments from KYC compliant e-wallets: Sebi to mutual funds

The use of e-wallets for MF investments was allowed in 2017 to promote digitisation

Crypto under PMLA: CoinDCX registers itself as reporting entity with FIU

As per the Prevention of Money Laundering Act (PMLA), 2002, a reporting entity is required to conduct KYC verification of the customers and maintain their records

Crypto exchanges, intermediaries need to perform KYC of clients, users

Crypto exchanges and intermediaries dealing with virtual digital assets will now be required to perform KYC of their clients and users of the platform. The Finance Ministry on March 7 notified that entities dealing in virtual digital assets will now be considered 'reporting entity' under the Prevention of money laundering Act (PMLA). Entities involved in the exchange between VDAs and Fiat currencies or transfer of VDAs or safekeeping and administration of VDAs, and participation in financial services related to an issuer's offer and sale of a VDA would be 'reporting entity' for the purpose of the PMLA. Under the anti-money laundering law, reporting entities are required to maintain KYC details or records of documents evidencing the identity of its clients and beneficial owners as well as account files and business correspondence relating to its clients. AMRG & Associates Senior Partner Rajat Mohan said all such intermediaries need to maintain a record of all transactions, and such

Graded KYC for online gaming platforms likely to receive MeitY approval

Platforms must follow verification procedure as prescribed under RBI's directions for entities regulated by it

How to use Digilocker to store official Identity Cards and documents

You can store 300 types of documents, including video KYC, PMJDY accounts on this app, which comes in 12 languages

Sebi allows 39 entities to use e-KYC Aadhaar authentication services in mkt

Capital markets regulator Sebi on Wednesday came out with a list of 39 entities, including Nirmal Bang Securities, NJ Indiainvest and Muthoot Securities, that can use e-KYC Aadhaar authentication services in the securities market as sub-KYC user agency. This came after Sebi in May 2020 listed eight entities including BSE that can undertake Aadhaar Authentication service of UIDAI as KYC user agency (KUA) in the securities market. Further, a KUA can permit Sebi-registered intermediaries to undertake Aadhaar Authentication of their clients as sub-KUA for the purpose of KYC (Know Your Client). Other entities listed by the regulator include Indbank Merchant Banking Services, Orbis Financial Corporation, Indo Money Securities, HSB Securities and Equities, Flourish Fincap and Vogue Commercial Company. "The above mentioned entities shall enter into an agreement with a KUA and get themselves registered with UIDAI ( Unique Identification Authority of India) as sub-KUAs. The agreement in this