RBI Introduces Key Amendments to KYC Master Directions Effective November 2024
| Aspect | Details |
|---|---|
| Date of Implementation | November 6, 2024 |
| Key Amendments | 1. Simplified KYC for existing customers.2. Risk-based periodic KYC updates.3. Integration with CKYCR. |
| Risk-Based Periodic KYC | - High-risk: Every 2 years. - Medium-risk: Every 8 years. - Low-risk: Every 10 years. |
| CKYCR Integration | - KYC data must be uploaded within 7 days of updates. - Applies to accounts opened after January 1, 2017. |
| Unique Customer ID | Introduction of UCIC for seamless KYC across services. |
| UAPA Officer Designation | Changed from Additional Secretary to Joint Secretary. |
| Relevant Acts | - Unlawful Activities (Prevention) Act (UAPA), 1967. - PML Rules, 2005. |