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The Reserve Bank connected Wednesday made changes to the Know Your Customer (KCC) norms to align them with caller amendments carried retired successful the Prevention of Money Laundering (Maintenance of Records) Rules and revised definite existing instructions.
According to the Amendment to the Master Direction - Know Your Customer (KYC) Direction, 2016, regulated entities (REs) volition person to use the lawsuit owed diligence (CDD) process astatine the unsocial lawsuit recognition codification (UCIC) level.
"Thus, if an existing KYC-compliant lawsuit of a RE desires to unfastened different relationship oregon avail immoderate different merchandise oregon work from the aforesaid RE, determination shall beryllium nary request for a caller CDD workout arsenic acold arsenic recognition of the lawsuit is concerned," it said.
The amended provisions successful the Master Direction person travel into unit with contiguous effect, said the circular issued by the Reserve Bank of India (RBI) successful this regard.
Amendments person besides been made regarding CDD Procedure and sharing KYC accusation with the Central KYC Records Registry (CKYCR).
"Whenever the RE obtains further oregon updated accusation from immoderate customer...The RE shall wrong 7 days oregon wrong specified play arsenic whitethorn beryllium notified by the Central Government, furnish the updated accusation to CKYCR, which shall update the KYC records of the existing lawsuit successful CKYCR," the RBI said.
CKYCR is an entity which receives, stores, safeguards and retrieves KYC records successful the integer signifier of a customer.
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