Amendment to Master Direction (MD) on KYC

RBI/2019-20/37
DBR.AML.BC.No.11/14.01.001/2019-20

August 9, 2019

The Chairpersons/ CEOs of all the Regulated Entities

Dear Sir/Madam,

Amendment to Master Direction (MD) on KYC

Government of India, vide Gazette Notification G.S.R. 381(E) dated May 28, 2019, has notified amendment to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005.

2. The change carried out in the Master Direction in accordance with the aforementioned amendment to the PML Rules is as under:

• A proviso has been added to condition (b) of Section 23 of the Master Direction to the effect that, where the individual is a prisoner in a jail, the signature or thumb print shall be affixed in presence of the officer in-charge of the jail and the said officer shall certify the same under his signature and the account shall remain operational on annual submission of certificate of proof of address issued by the officer in-charge of the jail.

3. The Master Direction on KYC dated February 25, 2016, is hereby updated to reflect the change effected by the above amendment and shall come into force with immediate effect.

Yours faithfully,

(Dr. S. K. Kar)
Chief General Manager