Government amends KYC to add non-profit organisations, ‘politically exposed persons’

July 27, 2023

KYCGovernment amends KYC to add non-profit organisations, ‘politically exposed persons’

The Finance Ministry has amended the Prevention of Money Laundering (Maintenance of Records) Rules for widening the scope of Know your Customer (KYC) norms to include Politically Exposed Persons (PEPs), non-profit organisations (NPOs) and those dealing in virtual digital assets (VDA) as reporting entities.

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Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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By Chandni Nanda

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