A communication from the Reserve Bank of India to the Chairpersons/CEOs of all Regulated Entities concerns an amendment to the Master Direction (MD) on Know Your Customer (KYC) regulations. The MD on KYC outlines the requirements for Customer Due Diligence (CDD) that regulated entities (REs) must follow for their customers.
The amendments to the MD on KYC include the following:
- Updating instructions to reflect changes to the Prevention of Money Laundering (PML) Rules as per Government notifications dated September 4, 2023, and October 17, 2023.
- Updating Annex II of the MD to align with changes in the Government of India Order related to the Unlawful Activities (Prevention) Act (UAPA), 1967, through a corrigendum dated August 29, 2023.
- Updating Annex III of the MD by replacing the Government of India Order dated January 30, 2023, related to Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005 (WMD Act, 2005) with the Government of India Order dated September 1, 2023.
- Updating certain instructions in accordance with the Financial Action Task Force (FATF) Recommendations.
- Adding a new Section 55A on the Foreign Contribution (Regulation) Act (FCRA) in the MD on KYC
- Updating certain other instructions following a review.
The changes outlined in the MD will come into immediate effect.
Read full notification below
By FCCT Editorial Team
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