KYC

Move comes after NPCI announces KYC wallet interoperability

The use of e-wallets for MF investments was allowed in 2017 to promote digitisation

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 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

Platforms must follow verification procedure as prescribed under RBI's directions for entities regulated by it

You can store 300 types of documents, including video KYC, PMJDY accounts on this app, which comes in 12 languages

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

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

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

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

Self-declaration via email, phone sufficient

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

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

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

Under Section 7 of the Aadhaar Act, a person not assigned an Aadhaar number "shall be offered alternative and viable means of identification for delivery of the subsidy, benefit or service"

The firm currently has a user base of 100,000 enterprises and processes transactions worth about Rs 28,000 cr a year

Considering the number of reports on spam calls in India, a voice assistant to filter them will be a huge step

MIIs will have to ensure that they communicate the details of the deactivation along with reasons to the respective registered intermediary

To avail of the benefits under PM KISAN Yojana, the farmer family must present the required documents before the state government