Title: To Life and General Insurers
Reference No.: IRDAI/SDD/MISC/CIR/135/07/2016
Operationalisation of Central KYC Records Registry (CKYCR)
1. In order to facilitate Banks/Financial Institutions with KYC related information of customers so as to avoid multiplicity of undertaking KYC by Banks/Financial Institutions each time a customer avails any financial product/service, Hon~ble Finance Minister announced in the Union Budget 2012-13 that a Central Know Your Customer (KYC) depository will be developed to avoid multiplicity of registration of KYC data.
2. As per the 2015 amendment to PML (Maintenance of Records) Rules, 2005, every reporting entity shall within three days file the electronic copy of the client~s KYC records with the Central KYC Records Registry (“CKYCR”).
3. Central Government has authorized the Central Registry of Securitization and Asset Reconstruction and Security interest of India (CERSAI), set up under sub-section (1) of Section 20 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, to act as, and to perform the functions of, the Central KYC Records Registry under the PML Rules 2005, including receiving, storing, safeguarding and retrieving the KYC records in digital form of a “client”, as defined in clause (ha) sub-section (1) of Section 2 of the Prevention of Money Laundering Act, 2002 (Copy of the Gazette notification is attached).
4. CERSAI has finalised KYC Template for “individuals” and Operating Guidelines for uploading KYC records by reporting entities to CKYCR. All the pre-requisites for operationalisation of CKYCR are in place to start CKYCR by 15th July, 2016.
5. Life Insurers should upload KYC records only in respect of individual policyholders where policies are completed on or after 15th July, 2016. General Insurers (including standalone Health Insurance Companies) should upload KYC records for claims settled in respect of individual policyholders on or after 15th July, 2016. Legal entities would be covered after finalization of KYC templates for legal entities.
6. In view of the above, you are hereby advised to upload the KYC records to CKYCR from 15th July, 2016 onwards, wherever KYC is carried out as per IRDAI AML/CFT Guidelines for Life Insurers dated 28th September, 2015 and IRDAI AML/CFT Guidelines for General Insurers dated 7th February, 2013.
7. The KYC template for “individuals” and the “Central KYC Registry Operating Guidelines 2016” for uploading KYC records on CKYCR are enclosed herewith for your reference and necessary action.
8. For addressing any difficulty in uploading KYC records to CKYCR, CERSAI has operationalised a help desk. Contact details of the CKYCR Helpdesk:
Phone: 022-61102592 (10 lines)
Email: helpdesk at ckycindia dot in
The helpdesk support will be available Monday to Saturday from 8.00 am to 8.00 pm.
9. Please submit a monthly statement of the number of records to be uploaded and records actually uploaded to aleem at irda dot gov dot in. First such statement should be sent for August, 2016 to reach us by 7th September, 2016.
Encl: (i) Gazette Notification
(ii) KYC Template for individuals
(iii) Central KYC Registry Operating Guidelines 2016