Digital KYC requirement: authorized reporting entities must perform live-photo, OTP and digital-signature based identity verification for KYC compliance. The rules amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 to introduce and regulate digital KYC, update enabling provisions to cite section 73 read with sections 11A and 12AA, add definitions including Digital Signature and equivalent e-document, permit equivalent e-documents in place of physical documents, require Aadhaar or proof of possession, PAN or equivalent for individuals, mandate e-KYC, offline verification or digital KYC as applicable, allow limited transitional acceptance of certified copies, and insert Annexure 1 prescribing a controlled application-based process for live-photo capture, watermarking, OTP-based client and officer authentication, verification checks, and digital-signing and archival of the Customer Application Form.
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.
Digital KYC requirement: authorized reporting entities must perform live-photo, OTP and digital-signature based identity verification for KYC compliance.
The rules amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 to introduce and regulate digital KYC, update enabling provisions to cite section 73 read with sections 11A and 12AA, add definitions including Digital Signature and equivalent e-document, permit equivalent e-documents in place of physical documents, require Aadhaar or proof of possession, PAN or equivalent for individuals, mandate e-KYC, offline verification or digital KYC as applicable, allow limited transitional acceptance of certified copies, and insert Annexure 1 prescribing a controlled application-based process for live-photo capture, watermarking, OTP-based client and officer authentication, verification checks, and digital-signing and archival of the Customer Application Form.
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