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.
- This uses the term Reporting Entity and does not distinguish between entities that currently can and cannot use Aadhaar
- As is the norm, the RBI Master Directions will be required to help understand the impact of the amendment on RBI regulated entities
- 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!