socrates
I got banned!
Legal entities under centralized KYC now
The purpose of KYC guidelines is to prevent banks from being used by criminal elements for money laundering
www.livemint.com
Regulated entities shall also ensure in case of accounts of LEs opened prior to 1 April, the KYC records are uploaded on to CKYCR during periodic updation as specified in Section 38 of the master direction, or earlier when the updated KYC information is obtained from the customer. “To ensure all existing records are uploaded on to CKYCR, regulated entities shall upload the KYC data pertaining to accounts of individuals opened prior to 1 January, 2017, at the time of updation," it added.