Central KYC Registry

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Digitalguy

My KYC details with HDFC BANK have been registered with Central KYC Registry.

Central KYC Records Registry is a centralized repository of KYC records of customers in the financial sector.It enables uniform KYC norms and inter-usability of the KYC records across the financial sector.

The registry is maintained by CERSAI (Central Registry of Securitisation Asset Reconstruction and Security Interest of India),a Government of India undertaking and is authorized by the Government through a notification in the Official Gazette to receive,store, safeguard and retrieve the KYC records in digital form of a client as referred to in the Prevention of Money-laundering Act (PMLA), 2002.

Does anyone have any idea what this Central KYC Registry means?

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“The objective of KYC is to prevent banks from being used by criminal elements for money laundering or terrorist financing activities. KYC procedures also enable banks to understand their customers and their financial dealings better, which in turn help them manage risks prudently.”

https://www.livemint.com/news/india/rbi-extends...

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