KYC Compliance

Says developed nations haven't done their bit on climate change

Capital markets regulator Sebi on Wednesday extended the deadline by three months to November 1, for commencing the validation of all KYC records by KYC Registration Agencies (KRAs). This is the second time, when the Securities and Exchange Board of India (Sebi) has extended the deadline. Initially, such agencies were required to independently validate the Know your Client or KYC records of all clients by July 1, which was extended till August 1. Now once again the regulator has received requests from the KRAs to extend the timelines. "Considering the KRAs' request for extension of the timeline... it has been decided that the validation of all KYC records (new and existing) shall commence from November 1, 2022," Sebi said. Further, it said that KYC records of all existing clients, who have used Aadhaar as an Officially Valid Document (OVD), will be validated within a period of 180 days from November 1. The regulator, in January, notified new norms to make KRAs responsible for car

Ola Financial Services was found to be non-compliant with the directions issued by RBI on KYC requirements

The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007, the regulator said in a release

TMS Ep147: Edtech sector, electric two-wheelers, IT sector Q4, KYC

What's stressing India's edtech sector? Moment of reckoning for electric two-wheeler makers? Will the IT sector deliver a stellar show in Q4? What is KYC? Find all answers here

What is KYC and why is it mandatory to avail many financial services?

The RBI imposed a fine of Rs 93 lakh on a major private lender last week for rules violations -- including that of Know Your Customer or KYC. But what is KYC? Here is some insight

The central bank had relaxed the rules first in May last year due to the pandemic

The watchdog has also given time till December 31 to brokers for operating the trading terminals from designated alternate locations

The RBI had in December said that all regulated entities have to upload 'Know Your Customer' data pertaining to the accounts of legal entities opened on or after April 1, 2021

CKYC is failing to have the desired impact due to lack of clear directions from the regulators, and lack of connectivity between the stakeholders and the repository

PSBs get Rs 70,000 crore; home, auto loans to become cheaper

Necessary notification for amendments in Prevention of Money Laundering Act would be issued

Out of 3.3 mn active directors, only around 1.215 mn directors completed the KYC process by September 15