Central KYC Records Registry

Know Your Customer (KYC) means the due diligence procedure prescribed by the regulator for identifying and verifying proof of address, proof of identity and compliance with rules, regulations, guidelines, and circulars issued by the regulator or any other statutory authority under Prevention of Money Laundering Act 2002 from time to time.

Central KYC Registry is a centralized repository of KYC records of customers in the financial sector with uniform KYC norms and inter-usability of the KYC records across the sector with an objective to reduce the burden of producing KYC documents and getting those verified every time when the customer creates a new relationship with a financial entity.

Unique KYC identifier will be provided to independent ID proofs, KYC data and documents are stored in digitally secured electronic format.

As per Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2015, Rule 9 (I) (1A), every reporting entity shall within three days after the commencement of an account-based relationship with a client, file the electronic copy of the client´s KYC records with the Central KYC Registry.

A 14 digit unique KYC identifier will be generated for new customer records and notified to the reporting entity. b) For “Small Accounts” the KYC identifier will additionally have a prefix “S”. c) For “Simplified Measures Accounts” the KYC identifier will additionally have a prefix “L”.

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