KYC flows under the PML(Maintenance of Records), rules

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:

  1. This uses the term Reporting Entity and does not distinguish between entities that currently can and cannot use Aadhaar
  2. As is the norm, the RBI Master Directions will be required to help understand the impact of the amendment on RBI regulated entities
  3. As per the below- the regulatorily ‘presenceless’ model is only for Aadhaar enabled KYC

We will be shortly publishing a post with our views on the amendments and its impact on the ecosystem.

Watch this space!

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