RBI amends Master Directions on KYC regulations for money laundering prevention

Mumbai: The Reserve Bank of India has announced amendments to the Master Directions on Know Your Customer (KYC) norms to align them with the revised Prevention of Money Laundering (Maintenance of Records) Rules.

According to the new amendments, the following directions have been issued:

• Regulated Entities (REs) will have to apply the customer due diligence (CDD) procedure at the unique customer identification code (UCIC) level.

• Whenever the RE obtains additional or updated information from any customer, the RE will have to furnish the updated information to the Central KYC Records Registry (CKYCR) within seven days or a period notified by the Central Government.

These revised rules in the Master Direction have come into force with immediate effect.

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