Kyc Norms

Market regulator Sebi slaps Rs 9 lakh fine on Stockholding Services

The violations were found after a thematic inspection by the regulator during April 2022 and June 2023

At the BS BFSI Summit, experts stress KYC, and tech to curb digital fraud

Business Standard BFSI Insight Summit 2024: Industry leaders discuss KYC, anti-fraud tech, and user education as essential defences against rising digital financial crime

RBI makes changes to KYC norms to align it with money laundering rules

The Reserve Bank on Wednesday made changes to the Know Your Customer (KCC) norms to align them with recent amendments carried out in the Prevention of Money Laundering (Maintenance of Records) Rules and revised certain existing instructions. According to the Amendment to the Master Direction - Know Your Customer (KYC) Direction, 2016, regulated entities (REs) will have to apply the customer due diligence (CDD) procedure at the unique customer identification code (UCIC) level. "Thus, if an existing KYC-compliant customer of a RE desires to open another account or avail any other product or service from the same RE, there shall be no need for a fresh CDD exercise as far as identification of the customer is concerned," it said. The amended provisions in the Master Direction have come into force with immediate effect, said the circular issued by the Reserve Bank of India (RBI) in this regard. Amendments have also been made regarding CDD Procedure and sharing KYC information with the ..

New FASTag regulations from August 1: Update KYC, link to vehicle, and more

FASTag accounts that are five years old or older must be replaced from August 1

MCA allows multiple KYC updates throughout the year for directors

Earlier, once annual KYC was filed, mobile numbers and email IDs could not be updated till April the next year

Sebi asks KRAs to integrate systems with Central KYC Records Registry

Capital markets regulator Sebi on Thursday directed the KYC Registration Agencies to integrate their systems with Central KYC Records Registry and begin the uploading of KYC data from August 1. The KYC record of a client is uploaded on the system of KYC Registration Agencies (KRAs) by the intermediaries performing client due diligence. Additionally, the KYC information is uploaded on Central KYC Records Registry (CKYCRR) by the intermediaries. In a circular, Sebi asked registered intermediaries to continue to upload or modify the KYC information with proper authentication on the systems of KRA. Further, KRAs will upload the verified or validated KYC information onto the system of CKYCRR within seven days of receiving the same from intermediaries. "The KRAs shall integrate their systems with CKYCRR and commence the uploading of KYC records on CKYCRR from August 1, 2024," Sebi said. Further, KRAs will ensure that existing KYC records of legal entities and of individual clients are

SIP inflows peak at Rs 20K crore as MFs conquer 6.4 million accounts

Growth momentum remains strong despite KYC hurdle

Encouraging investment

New rules aim to improve NRI participation

RBI mandates offline payment aggregators to verify KYC for merchants

Payment aggregators will need to conduct Contact Point Verification and verify the bank account where funds of small merchants are settled

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