Page 4 - Kyc

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

Budget: Govt proposes to simplify KYC procedure with 'risk-based' approach

The government on Wednesday proposed to simplify the KYC procedure by adopting a 'risk-based' rather than the 'one size fits all' approach currently in practice. In her Budget Speech, finance minister Nirmala Sitharaman also proposed to introduce a 'one stop solution' for identity and address updating through the DigiLocker service. Another significant announcement made by the minister relates to use of PAN as common identifier for business establishments for digital systems of government agencies. "The KYC process will be simplified adopting a 'risk-based' instead of 'one size fits all' approach," Sitharaman said as she presented the last full budget before the 2024 general elections. The financial sector regulators will also be encouraged to have a KYC (Know Your Customer) system fully amenable to meet the needs of Digital India. She also announced a one stop solution, for reconciliation and updating of identity and address of individuals maintained by various government agencie

Union Budget 2023: Centre bets big on Artificial Intelligence, IoT

Budget 2023: Nirmala Sitharaman added that the National Data Governance Policy will enable anonymised data and the KYC process will be simplified by adopting a risk-based system

Mandatory KYC leads to 30-50% dip in demand for motor insurance from agents

Mandatory KYC leads to 30-50% dip in demand for motor insurance from agents

Gaming firms recommend self-declaration mechanism, graded KYC to MeitY

The ministry is also expected to release some guidelines to prevent a conflict of interest for the board of SRO soon

No need for customers to visit bank branches for re-KYC, says RBI

Self-declaration via email, phone sufficient

RBI imposes monetary penalties on nine urban cooperative banks

The bank regulator has fined two banks each from Odisha, Madhya Pradesh, and Gujarat, and one bank each from Chhattisgarh, Maharashtra, and Jharkhand

A step-to-step guide to transferring Amazon Pay balance to bank account

Note, however, that you can only do this if you have completed your KYC

Only OTT communication players to be regulated under new telecom bill: Rpt

Under the new telecom bill, if the OTT communication services are brought under the ambit of telecom services, companies will be required to do the KYC verification of their users