Notification Detail :
RBI/DBR/2015-16/18
Master Direction DBR.AML.BC.No.81/14.01.001/2015-16
February 25, 2016
(Updated as on April 20, 2018)
Master Direction - Know Your Customer (KYC) Direction, 2016
In terms of the provisions of Prevention of Money-Laundering Act, 2002 and the
Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, Regulated
Entities (REs) are required to follow certain customer identification procedures while
undertaking a transaction either by establishing an account based relationship or
otherwise and monitor their transactions.
REs shall take steps to implement
provisions of Prevention of Money-Laundering Act, 2002 and the Prevention of
Money-Laundering (Maintenance of Records) Rules, 2005, as amended from time to
time, including operational instructions issued in pursuance of such amendment(s).
The revised Master Direction is in accordance with the changes carried out in the
PML Rules vide Gazette Notification GSR 538 (E) dated June 1, 2017 and thereafter
and is subject to the final judgment of the Hon’ble Supreme Court in the case of
Justice K.S. Puttaswamy (Retd.) & Anr. V. Union of India, W.P. (Civil) 494/2012 etc.
(Aadhaar cases).
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