India about to launch central registry of KYC records


India's Reserve Bank has announced the setting up of a central registry of owners of bank accounts, to be called the Central KYC (Know Your Customer) Records Registry.

The so-called CKYCR Registry will collect and retain the personal details of bank clients, along with, as a minimum, their photographs, signatures (or thumbprints) and self-certification documents. High-value accounts will need to be backed by more detailed KYC data.

The records will be made available online to any Indian financial entity for the purpose of setting up a new client account, or which needs them for reporting purposes, including the requirements of the US Foreign Account Tax Compliance Act (FATCA) and the OECD's Common Reporting Standard.

Legislation authorising the registry's operation was enacted in July with an amendment to the Prevention of Money Laundering Rules 2005.

Banks, payment system providers, prepaid payment instrument issuers and others will have to supply the registry with the required customer data as soon as the launch is officially notified.

Date: 30 November 2015
Source: STEP