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of <h1>New Rules Mandate Use of KYC Identifier for Client Verification, Update KYC Records Within Seven Days.</h1> The Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2024, modifies the existing rules under the Prevention of Money-laundering Act, 2002. Key changes include the requirement for reporting entities to use the KYC Identifier from the Central KYC Records Registry for client identity verification, eliminating the need for clients to resubmit KYC documents unless specific conditions apply. The amendment also mandates that updates to KYC records be retrieved and incorporated by reporting entities within seven days or as notified by the government. Additionally, the rules expand the scope of filing to include retrieval and utilization of KYC records.
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