This post captures the KYC flows for different entities under the RBI regime Please note: These flows don’t include the existing method of Offline Document + Original Seen & Verified. While the PMLA does mention that this intends to be phased out- there are no dates specified for it as yet.
PURSUANT TO THE AMENDMENT TO RBI MASTER DIRECTIONS AMENDED AS OF JANUARY 2020 This is an updated version of our previous post that covered the KYC flows pursuant to the PMLA amendment in Aug 2019 Please note that the below is applicable for RBI governed entities only Earlier this month, the Reserve Bank of India […]
Earlier this month, an amendment of the Prevention of Money Laundering rules released an update to current KYC processes. This post looks to cover the process impact on these flows. Note: This uses the term Reporting Entity and does not distinguish between entities that currently can and cannot use Aadhaar As is the norm, the […]
The RBI KYC Master Directions has raised more questions than it has answered On 29th May, 2019, the Reserve Bank of India released the updated Master Direction – Know Your Customer (KYC) Direction, 2016. (“Master Directions”) This was an eagerly awaited document that was required to signal RBI’s acceptance of Aadhaar since the Aadhaar Supreme Court judgment […]
ELECTRONIC SIGNATURES & 2018 AADHAAR VERDICT Till 2015, though there was a provision of Electronic Signature in the Information Technology Act, 2000 there was no mode of electronic signature prescribed in Second Schedule till 2015. In 2015, by way of GSR 61(E) Electronic Signature or Electronic Authentication Technique and Procedure Rules, 2015, the eAuthentication Technique […]
The amendment made by way of the Aadhaar and Other Laws (Amendment) Bill, 2018 to the Prevention of Money Laundering Act,2002 gives true effect to the intention of the Hon’ble Supreme Court as set out in their judgment of September 2018. It is clear from the judgment that the objective was to empower the individual […]
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