RBI makes changes to KYC norms to align it with money laundering rules

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RBI makes changes to KYC norms to align it with money laundering rules - Business Standard

Quick Summary:

"Thus, if an existing KYC-compliant customer of a RE desires to open another account or avail any other product or service from the same RE, there shall be no need for a fresh CDD exercise as far as identification of the customer is concerned," it said.

The amended provisions in the Master Direction have come into force with immediate effect, said the circular issued by the Reserve Bank of India (RBI) in this regard.

Amendments have also been made regarding CDD Procedure and sharing KYC information with the ..