CERSAI Communiques
CKYC Communiques to the Reporting entities covering all the enhancements and template changes since inception.
Category: CKYC
Master Direction – Know Your Customer (KYC) Direction, 2016 (Updated as on April 20, 2020)
All Regulated Entities are required to follow Customer
identification procedures while undertaking a transaction
either by establishing an account-based relationship or
otherwise and monitor the transactions of these relationships.
Know Your Customer(KYC) Directions, 2016
All indivudual customer onboarded into Financial Institution falling under the NABARD regulatory body, needs to report electronic copy the customer to CKYCR, by the RBI Master directions (KYC-2016)
Gazette Notification authorising REs to upload electronic copy of KYC data of their clients within 10 days
Notification authorises every reporting entity to upload within ten 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 Records Registry. This was three days earlier.
Uploading of existing clients’ KYC details
Circular details out the dates for CKYC compliance (for the new accounts opened after Aug 1, 2016) required for entities registered under SEBI.
For the Mutual fund entities, all the existing customer to be uploaded to CKYCR in tranches of 30% by November 30, 2016, another 30% by January 31, 2017 and the rest 40% data by March 31, 2017.
Operationalisation of CKYC & Uploading of existing clients’ KYC details
The circular makes the RBI Master Directions on PMLA
applicable to RRBs.
Operationalisation of CKYC
SEBI Circular requiring SEBI Registered Intermediaries to upload the KYC data to the CKYCR, in respect of all individual accounts opened on or after August 1, 2016,
Operationalisation of Central KYC Records Registry (CKYCR)
The circular necessitates upload of KYC information for the insurance sector.
Life Insurers should upload KYC records only in respect of individual policyholders where policies are completed on or after 15th July, 2016.
Gazette Notification authorising CERSAI to act and perform the functions of CKYCR
Notification issued by the MOF authorising CERSAI, to act as
and perform the functions of the Central KYC Records Registry
including receiving, storing, safeguarding and retrieving the
KYC records in digital form of a client.
Gazette Notification authorising REs to retrieve the KYC records online from the Central KYC Records Registry by using the KYC Identifier
Notification authorising the REs to retrieve the KYC records online from the Central KYC Records Registry by using the KYC Identifier without requiring a client to submit the same KYC records or information or any other additional identification documents or details