| Notification Detail :
RBI/2024-2025/87
DOR.AML.REC.49/14.01.001/2024-25
November 06, 2024
All the Regulated Entities
Dear Sir/Madam,
Amendment to the Master Direction - Know Your Customer (KYC) Direction, 2016
Please refer to the Master Direction - Know Your Customer (KYC) Direction, 2016 dated February 25, 2016, as amended from time to time, in terms of which Regulated Entities (REs) have to undertake Customer Due Diligence (CDD), as per the process laid out therein, for their customers.
2. On a review, the Master Direction on KYC has been amended to (a) align the instructions with the recent amendments carried out in the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 vide Gazette Notification dated July 19, 2024, (b) incorporate instructions in terms of the corrigendum dated April 22, 2024 issued by the Government of India to the Order dated February 2, 2021 on the ‘Procedure for implementation of Section 51A of the Unlawful Activities (Prevention) Act, 1967’, and (c) revise certain existing instructions. The changes carried out in the Master Direction are provided in Annex. The amended provisions in the Master Direction shall come into force with immediate effect.
Yours faithfully,
(Veena Srivastava)
Chief General Manager
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