Direction 2016
RBI Master Direction Know Your Customer (KYC) Direction, 2016
Issued by Reserve Bank of India
Effective: 25 Feb 2016
Plain-English summary
The RBI Master Directions on KYC, 2016 continues to be entirely valid as the final and constantly up-to-date law in India against money laundering and terrorism financing in the country’s financial industry. The rule is valid for all banks, NBFCs, and payment service providers. It gathers all requirements for customer identification, which includes a thorough categorization of risks and the verification of official documents. With the support of the PMLA, the Master Direction requires constant transaction monitoring, a maximum ownership of 10% in companies, and automatic uploading to the Central KYC Record Registry system.
Who it applies to
Banking · NBFC / Non-bank Lending · Payments & Fintech
Topics
AML / CFT / Sanctions
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