Reference is drawn to the circular of the Authority relating to Operationalisation of Central KYC Registry (CKYCR) dated July 12, 2016 through which Reporting entities (REs) were advised to upload the KYC data pertaining to all individual accounts on to CKYCR in terms of the provisions of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005. Changes to the template, as and when required are released by CERSAI.
2. As the CKYCR is now fully operational for individual customers, it has been decided to extend the CKYCR to Legal Entities (LEs). Accordingly, REs shall upload the KYC data pertaining to accounts of LEs opened on or after April 1, 2021, on to CKYCR in terms of Rule 9 (1A) of the PML Rules.
3. The LE Template and the Annex thereof are attached as Annex “A” and Annex “B” respectively to this circular. The LE Template module would be made available by CERSAI well in advance so that REs start using it from the notified date.
4. REs shall also ensure that in case of accounts of LEs opened prior to April 1, 2021, the KYC records are uploaded on to CKYCR during the process of periodic updation by/ before the next transaction. REs shall ensure that during periodic updation, the customers’ KYC details are migrated to current Customer Due Diligence (CDD) standards.
5. Where a customer submits a “KYC identifier” for KYC, the RE shall retrieve the KYC records from CKYCR. In such case, the customer shall not submit the KYC records unless there is a change in the KYC information required by RE.
However, for the purpose of proper due diligence, RE may seek the other necessary documents.
6. If third party KYC is done basis the “KYC identifier” and the RE is satisfied with KYC as per Rule 9 of PML Rules, no KYC records requires to be uploaded by the REs, unless there is any change in KYC information provided by the customer.
7. At the time of periodic updation, it is to be ensured that all existing KYC records of individual customers are incrementally uploaded by /before the next transaction on to CKYCR. REs shall upload the updated KYC data pertaining to inforce/ paid-up individual policies against which “KYC identifier” are yet to be allotted/ generated by the CKYCR.
8. Once “KYC Identifier” is generated/ allotted by CKYCR, the REs shall ensure that the same is communicated immediately to the respective policyholder in a confidential manner, mentioning its advantage/ use to the individual/legal entity, as the case may be.