Central KYC Records Registry centralises KYC filing and retrieval, enabling unique identifiers and controlled reuse of client records. The amendment establishes a Central KYC Records Registry to receive, de-duplicate, store and retrieve electronic KYC records and to issue a unique KYC Identifier to each client. Reporting entities must file KYC records with the Registry shortly after commencing account relationships; when presented with a KYC Identifier they shall retrieve records online and not demand duplicate documents except where client information has changed, address verification is required, or enhanced due diligence is necessary. The entity performing the last verification must verify identity/address and update the Registry, which will notify other reporting entities.
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.
Central KYC Records Registry centralises KYC filing and retrieval, enabling unique identifiers and controlled reuse of client records.
The amendment establishes a Central KYC Records Registry to receive, de-duplicate, store and retrieve electronic KYC records and to issue a unique KYC Identifier to each client. Reporting entities must file KYC records with the Registry shortly after commencing account relationships; when presented with a KYC Identifier they shall retrieve records online and not demand duplicate documents except where client information has changed, address verification is required, or enhanced due diligence is necessary. The entity performing the last verification must verify identity/address and update the Registry, which will notify other reporting entities.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
