Know Your Customer rules: mandatory risk based CDD, digital/V CIP onboarding, CKYCR uploads, sanctions screening and FIU reporting. Know Your Customer (KYC) Direction, 2016 requires Reserve Bank regulated entities to implement Board approved KYC policies comprising Customer Acceptance Policy, Risk Management, Customer Identification Procedures and transaction monitoring; mandates documented ML/TF risk assessments and a Risk Based Approach, prescribes Customer Due Diligence for individuals and legal entities including Aadhaar/PAN/OVDs and beneficial owner identification, sets rules for non face to face onboarding (OTP e KYC and V CIP) with technical and audit standards, requires periodic KYC updation, CKYCR upload of KYC records, reporting to FIU IND, wire transfer traceability, and daily sanctions screening and freezing obligations under UAPA and WMD Act procedures.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Know Your Customer rules: mandatory risk based CDD, digital/V CIP onboarding, CKYCR uploads, sanctions screening and FIU reporting.
Know Your Customer (KYC) Direction, 2016 requires Reserve Bank regulated entities to implement Board approved KYC policies comprising Customer Acceptance Policy, Risk Management, Customer Identification Procedures and transaction monitoring; mandates documented ML/TF risk assessments and a Risk Based Approach, prescribes Customer Due Diligence for individuals and legal entities including Aadhaar/PAN/OVDs and beneficial owner identification, sets rules for non face to face onboarding (OTP e KYC and V CIP) with technical and audit standards, requires periodic KYC updation, CKYCR upload of KYC records, reporting to FIU IND, wire transfer traceability, and daily sanctions screening and freezing obligations under UAPA and WMD Act procedures.
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