KYC Compliance

If you're already a customer of a bank and have completed your KYC (identity verification), you don't need to go through the process again if you decide to open a new account

KYC fraud is a type of scam where criminals impersonate bank officials or representatives to trick individuals into revealing their personal and financial information.

The Reserve Bank of India has collected Rs 78.6 crore from these penalties over three years, including 261 penalties in 2023 alone

15% under KYC Registered status, 12% on hold as of March 31

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

While investors do not have to redo the KYC, they still have to validate their mobile number/email ID per the KYC records

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

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Payments bank says it has upheld compliance with supervisory instructions

The Reserve Bank of India on Friday cautioned the public against fraud in the name of KYC updation and advised not to share documents with unknown entities. In the wake of continuing incidents and reports of customers falling prey to frauds being perpetrated in the name of KYC updation, RBI urged the members of the public to exercise caution and due care to prevent loss and safeguard themselves from such malicious practices. In past also the central bank has cautioned the public regarding such frauds. "Do not share KYC documents or copies of KYC documents with unknown or unidentified individuals or organizations," it said. Also, do not share account login credentials, card information, PINs, passwords, OTPs with anyone, the RBI added. "The modus operandi for such frauds usually involves customers receiving unsolicited communications, including phone calls/SMS/emails, through which they are manipulated into revealing personal information, account/login details, or installing ...

FASTag KYC online: For those customers who fail to complete the KYC today, their FASTags will become inoperative

FASTag, operated by the NHAI, is an electronic toll collection system in India that uses Radio Frequency Identification technology for making toll payments

Over Rs 10,300 crore were siphoned off from the country by cybercriminals since April 1, 2021, of which agencies managed to successfully block around Rs 1,127 crore in the country, Indian Cyber Crime Coordination Centre (I4C) said Wednesday. Over 4.52 lakh cyber crime cases were reported on the National Cybercrime Reporting Portal (NCRP) in 2021, which rose by 113.7 per cent in 2022, with 9.66 lakh cases being reported on the portal, Director of I4C Rajesh Kumar told reporters in an interaction here. I4C is a body established by the Ministry of Home Affairs to provide a framework and eco-system for law enforcement agencies for dealing with Cybercrime in a coordinated and comprehensive manner. Kumar said over 15.56 lakh cases were reported on NCRP in 2023, translating into 129 cyber crime cases reported per lakh population, which shows a "deceleration" of growth rate to 60.9 per cent as compared to 2022. "Rs 10,319 crore has been reportedly lost in India from April 1, 2021 to Decem

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

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Capital markets regulator Sebi on Wednesday extended the deadline by three months to November 1, for commencing the validation of all KYC records by KYC Registration Agencies (KRAs). This is the second time, when the Securities and Exchange Board of India (Sebi) has extended the deadline. Initially, such agencies were required to independently validate the Know your Client or KYC records of all clients by July 1, which was extended till August 1. Now once again the regulator has received requests from the KRAs to extend the timelines. "Considering the KRAs' request for extension of the timeline... it has been decided that the validation of all KYC records (new and existing) shall commence from November 1, 2022," Sebi said. Further, it said that KYC records of all existing clients, who have used Aadhaar as an Officially Valid Document (OVD), will be validated within a period of 180 days from November 1. The regulator, in January, notified new norms to make KRAs responsible for car

Ola Financial Services was found to be non-compliant with the directions issued by RBI on KYC requirements

The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007, the regulator said in a release

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The RBI imposed a fine of Rs 93 lakh on a major private lender last week for rules violations -- including that of Know Your Customer or KYC. But what is KYC? Here is some insight