Insurance Regulatory and Development Authority

12.07.2016

Insurance

Central KYC Records Registry nears operation

MANU/IRDA/0022/2016

IRDA announced completion of key steps in the finalisation of Know Your Customer Template for "individuals" and Operating Guidelines for uploading of KYC records by reporting entities to the Central KYC Records Registry.

The Central Registry of Securitisation and Asset Reconstruction and Security Interest of India will perform the functions of the CKYCRR under the PML (Maintenance of Records) Rules, 2005, effective 15 July 2016. The Rules require reporting entities to electronically file client KYC records within three days.

The government had announced in the 2012-2013 budget that a Central KYC depository would be developed to avoid multiplicity of KYC data received by banks and other financial institutions.

Tags : Kyc central repository multiplicity

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