Reserve Bank of India amends AIFI KYC rules to assign CKYCR identity and address verification to the last uploading entity

The Reserve Bank of India has issued amendments to its Know Your Customer (KYC) Directions for All India Financial Institutions (AIFIs) to clarify who is responsible for verifying a customer’s identity and address when KYC records are uploaded to and downloaded from the Central KYC Records Registry (CKYCR). The change makes the regulated entity (RE) that last uploaded or updated the customer’s CKYCR record responsible for the identity and or address verification, and allows an AIFI that downloads and relies on that record not to re-verify those elements. The exemption from re-verification applies only where the CKYCR records downloaded are current and compliant with the Prevention of Money-Laundering Act, 2002 and the associated rules. The relying AIFI remains responsible for all other aspects of the customer due diligence (CDD) process and for complying with the Directions, except for verification of the customer’s identity and or address. The amendments take effect immediately.