Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI Updates KYC and AML Norms: New Compliance Roles, Document Criteria, and Simplified Measures for Low-Risk Clients.</h1> The circular issued by the Reserve Bank of India aligns existing Know Your Customer (KYC) norms and Anti-Money Laundering (AML) standards with the amended Prevention of Money-Laundering (Maintenance of Records) Rules, 2013. Key changes include the definition of a Designated Director responsible for compliance, updated criteria for Officially Valid Documents, and revised transaction definitions. Simplified measures for low-risk customers and reliance on third-party due diligence are introduced. Banks must adhere to updated reporting requirements, maintain client identity records, and follow new guidelines for identifying beneficial owners across different client types, including companies, partnerships, trusts, and unincorporated associations.
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