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Corporate Laws Central Ministry of Finance Prevention of Money-laundering Act, 2002

RBI issues FAQ on Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016

09-Jun-2025 | NA

Reserve Bank of India (RBI) has issued a FAQ regarding the Reserve Bank of India (Know Your Customer - KYC) Directions, 2016. Key highlights include: 1. KYC is mandatory, and the FAQ outlines when it needs to be carried out. 2. If an existing KYC-compliant customer of a Regulated Entity (RE) wishes to open another account or access any other product/service from the same RE, they are not required to submit additional KYC documents unless there has been a change in their identity or address information. 3. A list of documents required for an individual to open a bank account is provided. 4. A KYC verification conducted by one branch/office of the RE remains valid for transferring the account to any other branch/office of the same RE, provided that full KYC verification has already been completed for the account and that it is not due for periodic update. 5. In addition to establishing an account-based relationship, a KYC Identifier may be used for updating periodic KYC information or for verifying a customer's identity. 6. Specific facial gestures, such as blinking, smiling, or frowning, are not mandatory for the liveness check. The RE must consider any special needs of the customer during this check. 7. Once a customer submits updated KYC information or a self-declaration to the RE, an acknowledgment will be provided to the customer. Following this, the RE will also inform the customer about the KYC information update. For detailed information, please refer to the attached document.

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