KYC norms

SEBI Master Direction to get KYC updation to Legal Entities (LES)

Company Law - The purpose of this article is to get an overlook about the direction by Board to Registered intermediaries (RI) to upload the KYC records with Central KYC Records Registry (CKYCR) as well as to get deep understanding about the entity details and documents need to be submitted on Central KYC Records Registry (CKYCR) by Legal […]...

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KYC data of Institution / Legal Entity to be uploaded to CKYCR from April 2021

Company Law - KYC data of Institution / Legal Entity to be uploaded to CKYCR from April 2021 In terms of the provisions of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, as amended from time to time by the Government of India, Financial Establishments such as, Banks, NBFCs etc. [her...

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cKYC mechanism become a mockery & wastage of country’s resources

Company Law - What is cKYC? Probably some senior persons in the banking industry are aware of the formation of Central KYC registration agency in 2011 and its role etc. cKYC stands for Central KYC which is a centralised repository which allows storage of personal information of the customer centrally. Earlier, when a customer went to a financial [&hell...

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A Suggestion of A Product to Increase Liquidity In Banks

Company Law - It is well known that all banks baring private ones always insist for capital infusion by Government which passes negative results on public as Government always conveys banks to raise capital on their own. Due to above, don’t you think that in other words, banks convey that their management is not competitive enough to garner [&hel...

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Mandatory ‘Client KYC Norms’ for compliance by CA or CAs in Practice

Company Law - ICAI has announced ‘Client KYC Norms’ mandatory w.e.f. 1 Jan. 2017 for compliance by ‘Members in Practice’ The ICAI has announced ‘Client KYC Norms’ mandatory w.e.f. 1 Jan. 2017 for compliance by ‘Members in Practice’ for maintaining requisite documentation/ information about the Clients. These norms shall apply in all ass...

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DIN-KYC Fees of Rs. 5000 is nothing than extortion for Non compliances

Company Law - BJP professional cell, Mumbai has requested FM that The KYC for DIN Of Director should be once in 5 years or linked to be Aadhar etc. unless there are changes to be voluntarily complied and Even if there is delay a token fee to be levied (Say Rs. 100)  and not Rs.5000 which is nothing […]...

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Norms of Aadhaar KYC eased for opening of bank account

Company Law - Norms of Aadhaar KYC are eased, not of the Change of Address in Aadhaar Norms of Aadhaar KYC are eased for opening of bank account and not for the change of address in Aadhaar, said the Department of Revenue (DoR), Ministry of Finance today while clarifying on Aadhaar KYC use with reference to its notification […]...

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Mandatory Annual KYC of all Directors of all companies

Company Law - As part of updating its registry, MCA is conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC . DIR-3 KYC is been notified vide Companies(Appointment and Qualification of Directors) Fourth Amendment Rules, 2018 dated 5th July 2018 and would be made available shortly for filing purposes. While filing...

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CBEC invites Comments on “Know Your Customer (KYC) norms”

Company Law - Board has also decided to simplify the norms for KYC verification in the light of introduction of Goods & Services Tax (GST) and in view of the emphasis of government on adoption of a unified identifier. Accordingly, in modification of the earlier instructions...

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ICAI issues mandatory KYC Norms applicable w.e.f 1.1.2017

Company Law - Keeping in mind highest standards of Chartered Accountancy profession in India, Council of ICAI thought it necessary to issue such KYC norms to be observed by members of profession who are in practice....

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PFRDA circular on Central KYC Records Registry (CKYCR)

Circular No. PFRDA/2021/31/SUP-POP/4 - (26/07/2021) - Once KYC Identifier is generated by CKYCR, PoPs shall ensure that the same is communicated in writing and in confidential manner to the subscribers in accordance with Rule 9 (1B) of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 as amended;...

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RBI relaxes Video based Customer Identification & KYC Process

Circular No. RBI/2021-22/35 DOR.AML.REC.No.15/14.01.001/2021-22 - (10/05/2021) - On a review, it has been decided to amend the MD on KYC to further leverage the Video based Customer Identification Process (V-CIP) and to simplify and rationalise the process of periodic updation of KYC....

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PMLA- KYC- Small account to remain operational till June 30, 2020

RBI/2019-20/207 DOR.AML.BC.No. 61/14.01.001/2019-20 - (01/04/2020) - Amendment to the PML Rules, Master Direction on KYC- Notwithstanding anything contained in clauses (e) and (f) above, the small account shall remain operational between April 1, 2020 and June 30, 2020 and such other periods as may be notified by the Central Government....

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e-KYC Authentication facility under PMLA by Entities in securities market

SEBI/HO/MIRSD/DOP/CIR/P/2019/123 - (05/11/2019) - Entities in the securities market shall be allowed to undertake Aadhaar Authentication under section 11A of PMLA. SEBI Registered intermediaries for reasons such as online on-boarding of clients, customer convenience, increased efficiency and reduced time for client on-boarding would prefer to use A...

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Amendment to Master Direction (MD) on KYC related to Aadhaar

RBI/2018-19/190, DBR. AML. BC. No. 39/14.01.001/2018-19 - (29/05/2019) - Important changes carried out in the Master Direction in accordance with the aforementioned amendments are listed hereunder: a) Banks have been allowed to carry out Aadhaar authentication/ offline-verification of an individual who voluntarily uses his Aadhaar number for identification purpose. (Sect...

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Recent Posts in "KYC norms"

DIN-KYC Fees of Rs. 5000 is nothing than extortion for Non compliances

BJP professional cell, Mumbai has requested FM that The KYC for DIN Of Director should be once in 5 years or linked to be Aadhar etc. unless there are changes to be voluntarily complied and Even if there is delay a token fee to be levied (Say Rs. 100)  and not Rs.5000 which is nothing […]...

Read More
Posted Under: Corporate Law |

PFRDA circular on Central KYC Records Registry (CKYCR)

Circular No. PFRDA/2021/31/SUP-POP/4 26/07/2021

Once KYC Identifier is generated by CKYCR, PoPs shall ensure that the same is communicated in writing and in confidential manner to the subscribers in accordance with Rule 9 (1B) of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 as amended;...

Read More

RBI relaxes Video based Customer Identification & KYC Process

Circular No. RBI/2021-22/35 DOR.AML.REC.No.15/14.01.001/2021-22 10/05/2021

On a review, it has been decided to amend the MD on KYC to further leverage the Video based Customer Identification Process (V-CIP) and to simplify and rationalise the process of periodic updation of KYC....

Read More

SEBI Master Direction to get KYC updation to Legal Entities (LES)

The purpose of this article is to get an overlook about the direction by Board to Registered intermediaries (RI) to upload the KYC records with Central KYC Records Registry (CKYCR) as well as to get deep understanding about the entity details and documents need to be submitted on Central KYC Records Registry (CKYCR) by Legal […]...

Read More
Posted Under: Corporate Law |

KYC data of Institution / Legal Entity to be uploaded to CKYCR from April 2021

KYC data of Institution / Legal Entity to be uploaded to CKYCR from April 2021 In terms of the provisions of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, as amended from time to time by the Government of India, Financial Establishments such as, Banks, NBFCs etc. [her...

Read More
Posted Under: Corporate Law |

cKYC mechanism become a mockery & wastage of country’s resources

What is cKYC? Probably some senior persons in the banking industry are aware of the formation of Central KYC registration agency in 2011 and its role etc. cKYC stands for Central KYC which is a centralised repository which allows storage of personal information of the customer centrally. Earlier, when a customer went to a financial [&hell...

Read More
Posted Under: Corporate Law |

A Suggestion of A Product to Increase Liquidity In Banks

It is well known that all banks baring private ones always insist for capital infusion by Government which passes negative results on public as Government always conveys banks to raise capital on their own. Due to above, don’t you think that in other words, banks convey that their management is not competitive enough to garner [&hel...

Read More
Posted Under: Corporate Law |

PMLA- KYC- Small account to remain operational till June 30, 2020

RBI/2019-20/207 DOR.AML.BC.No. 61/14.01.001/2019-20 01/04/2020

Amendment to the PML Rules, Master Direction on KYC- Notwithstanding anything contained in clauses (e) and (f) above, the small account shall remain operational between April 1, 2020 and June 30, 2020 and such other periods as may be notified by the Central Government....

Read More

Mandatory ‘Client KYC Norms’ for compliance by CA or CAs in Practice

ICAI has announced ‘Client KYC Norms’ mandatory w.e.f. 1 Jan. 2017 for compliance by ‘Members in Practice’ The ICAI has announced ‘Client KYC Norms’ mandatory w.e.f. 1 Jan. 2017 for compliance by ‘Members in Practice’ for maintaining requisite documentation/ information about the Clients. These norms shall apply in all ass...

Read More
Posted Under: Corporate Law |

Norms of Aadhaar KYC eased for opening of bank account

Norms of Aadhaar KYC are eased, not of the Change of Address in Aadhaar Norms of Aadhaar KYC are eased for opening of bank account and not for the change of address in Aadhaar, said the Department of Revenue (DoR), Ministry of Finance today while clarifying on Aadhaar KYC use with reference to its notification […]...

Read More
Posted Under: Corporate Law |

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