Reserve Bank of India extends CKYCR to legal entities

Reserve Bank of India extends CKYCR to legal entities

"As the CKYCR is now fully operational for individual customers, it has been decided to extend the CKYCR to legal entities (LEs).

Reserve Bank of India. Credit: AFP File Photo

The Reserve Bank of India (RBI) on Friday said all regulated entities will upload 'Know Your Customer' data pertaining to accounts of legal entities opened on or after April 1, 2021, onto the Central KYC Registry (CKYCR).

Regulated entities (REs) have already been uploading the KYC data pertaining to all individual accounts opened on or after January 1, 2017, onto CKYCR in terms of the provisions of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005.

"As the CKYCR is now fully operational for individual customers, it has been decided to extend the CKYCR to legal entities (LEs).

"Accordingly, REs shall upload the KYC data pertaining to accounts of LEs opened on or after April 1, 2021, on to CKYCR," it said while making amendment to master direction (MD) on KYC.

The RBI further said REs should also ensure that in case of accounts of LEs opened prior to April 1, 2021, the KYC records are uploaded onto CKYCR during the process of periodic updation or earlier, when the updated KYC information is obtained from the customer in certain cases.

"REs shall ensure that during periodic updation, the customers' KYC details are migrated to current customer due diligence (CDD) standards," it added.

The MD on KYC, dated February 25, 2016, has come into force with an immediate effect.