BREAKING NEWS

BREAKING NEWS ""**Expected DA for Bank Employees from Aug 2024 MINIMUM 7 SLAB AND MAXIMUM 24 SLAB*****I *****

VISITOR FROM WORLD

Free counters!

YOU ARE VISITOR

Blog Archive

LIVE

BREAKING NEWS ""**If we want PSU bank to compete with Pvt bank ---Give them a break Saturday first****Outcome of Today’s meeting with IBA - 31.01.2023*********

Saturday, May 6, 2023

LATEST KYC AMENDMENT RELATED TO CUSTOMER DUE DILIGENCE (CDD)

 The Customer Due Diligence (CDD) measures in the case of non-individual customers, individual customers, and Sole Proprietary Firms have been amended in the latest Master Direction dated April 28, 2023, on KYC to include certain additional information/document requirements.

(a) Companies:

(i) The names of the relevant persons holding senior management positions; and

(ii) The registered office and the principal place of its business, if it is different.

(b) Partnership firms:

(i) The names of all the partners; and

(ii) Address of the registered office, and the principal place of its business, if it is different

(c) Trusts:

(i) The names of the beneficiaries, trustees, settlor, and authors of the trust

(ii) The address of the registered office of the trust; and

(iii) List of trustees and documents, as specified in Section 16, for that discharging role as trustee and authorised to transact on behalf of the trust.

Further, Section 33B has been amended to extend its applicability to a customer who purports to act on behalf of a juridical person or individual or trust.

Customer Due Diligence (CDD) of Individuals:

Section 16 has been amended to specifically provide that REs can obtain KYC Identifier with explicit customer consent to download KYC records from CKYCR, for the purpose of CDD. CDD Measures for Sole Proprietary Firms: Section 28 has been amended to clarify that “Registration certificate” as a proof of business/ activity in the name of the proprietary firm includes “Udyam Registration Certificate (URC) issued by the Government”.

1 comment:

davidgoggin22 said...

Your informative writing is exceptionally clear, engaging, and very useful! Xettle’s KYC and identity verification services streamline the onboarding process for businesses. With advanced technology, it ensures secure and efficient identity checks, helping organizations comply with regulations while enhancing customer trust and minimizing the risk of fraud.

RBI Enforces 6 Month Deadline for Banks for Declaring Wilful Defaulters

The Reserve Bank of India (RBI) has denied a request from banks seeking more time to classify borrowers as “wilful defaulters.” This label i...

script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js">