RBI Amends Rules Governing Know-Your-Customer (KYC) Checks
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The 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.
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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,
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