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

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 ..

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Category: BusinessFinance

Markets: India

Topics: Know your customer Money laundering RBI RBI KYC norms

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-06 @ 19:47:58 (7 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 309 words

Reading Time: 2 minutes read

Sentences: 8 lines

Sentence Length: 39 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 23448321

View Article Analysis

About Business Standard

Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 359 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 3 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #49

Publisher Details

Frequently Asked Questions