News Details- (Get Professional Updates on Whatsapp, Msg on
8285393786) More
News
RBI Amends Rules Governing Know-Your-Customer (KYC) Checks
PrintThe RBI has amended rules governing know-your-customer checks undertaken by lenders, according to a statement by the regulator on Friday.
The changes have been made to align with the recent amendments carried out in the Prevention of Money Laundering (Maintenance of Records) Rules, update them in accordance with recommendations from the Financial Action Task Force and incorporate instructions rom a Union government order.
The amendments grant permission to conduct Aadhaar, OTP-based e-KYC in non-face-to-face mode for periodic updation of details, the Reserve Bank of India's annexure of changes stated.
The RBI has also lowered the threshold for controlling ownership interest when it comes to determining beneficial ownership of a company or trust. It has been lowered to 10% for both companies and trusts, down from 25% and 15%, respectively.
CLICK ON THE LINK FOR RBI MASTER DIRECTION,
The changes have been made to align with the recent amendments carried out in the Prevention of Money Laundering (Maintenance of Records) Rules, update them in accordance with recommendations from the Financial Action Task Force and incorporate instructions rom a Union government order.
The amendments grant permission to conduct Aadhaar, OTP-based e-KYC in non-face-to-face mode for periodic updation of details, the Reserve Bank of India's annexure of changes stated.
The RBI has also lowered the threshold for controlling ownership interest when it comes to determining beneficial ownership of a company or trust. It has been lowered to 10% for both companies and trusts, down from 25% and 15%, respectively.
CLICK ON THE LINK FOR RBI MASTER DIRECTION,
Category : RBI | Comments : 0 | Hits : 566
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
Search News
News By Categories More Categories
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Comments