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09.01.2017 03:49 Age: 2 days

Banks directed to upload KYC with central registry from Jan 1


Reserve Bank today directed all banks to upload the Know Your Customer (KYC) data pertaining to new individual accounts opened after January 1, with Central KYC Records Registry, reports business-standard.com

It has been decided to allow One Time Pin (OTP) based e-KYC subject to certain restrictions.

"All Scheduled Commercial Banks (SCBs) are required to invariably upload the KYC data pertaining to all new individual accounts opened on or after January 1, 2017, with Central KYC Records Registry," RBI said in a notification.

All banks are, however, allowed time upto February 1 for uploading date in respect of accounts opened during January 2017, it said.

Regulated entities other than banks are to upload the KYC data pertaining to all new individual accounts opened on or after from April 1, with Central KYC Registry.

For OTP, it said, restriction would include specific consent from the customer for authentication and the aggregate balance of all the deposit accounts of the customer should not exceed Rs 1 lakh.

Besides, the aggregate of all credits in a financial year, in all the deposit taken together, should not exceed Rs two lakh.

"Banks should invariably upload the KYC data pertaining to all new individual accounts opened on or after January 1, 2017 with CERSAI in terms of the provisions of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005," it said.

Under Foreign Account Tax Compliance Act (FATCA) and Common Standard on Reporting (CRS), regulated entities should adhere to the provisions of Income Tax Rules and determine whether they are a reporting financial institution as defined in Income Tax Rule.

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Banks directed to upload KYC with central registry from Jan 1