RBI Revises KYC Rules, Offering Improved Guidance To Prevent Money Laundering

RBI Revises KYC Rules, Offering Improved Guidance To Prevent Money Laundering

• The Reserve Bank of India (RBI) has recently made significant revisions to its master direction on Know Your Customer (KYC) for regulated entities. These changes incorporate amendments to the Prevention of Money Laundering rules and, importantly, deal with the requirement of beneficial owner (BO) identification for partnership firms.
• The revised guidelines have fine-tuned the definition of Customer Due Diligence (CDD). This step is crucial in enhancing the efficacy of KYC processes. The CDD now encompasses not only the identification and verification of the customer’s identity but also emphasizes the use of reliable and independent sources for this purpose.

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Published date : 20 Oct 2023 05:03PM