The Ministry of Finance (MoF) on July 19, 2024, issued the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2024 to further amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005.
The following amendments have been stated:
• In rule 9, for sub-rule (1C), the following sub-rule shall be substituted, namely: —
“(1C) For the purpose of verification of identity of a client, underclause (a) and (b) of sub rule (1) or on-going due diligence as per clause (iii) of sub-rule (12), the reporting entity shall seek the KYC Identifier from the client or retrieve the KYC Identifier, if available, from the Central KYC Records Registry and proceed to obtain KYC records online by using such KYC Identifier and shall not require a client to submit the same KYC records or information or any other additional identification documents or details, unless –
(a) there is a change in the information of the client as existing in the records of Central KYC Records Registry; or
(b) the KYC record or information retrieved is incomplete or is not as per the currentapplicable KYC norms prescribed by the respective regulator; or
(c) the validity period of the downloaded documents has lapsed; or
(d) the reporting entity considers it necessary in order to verify the identity or address (including current address) of the client as per the guidelines issued by the regulator under sub-rule (14), or to perform enhanced due diligence or to build an appropriate risk profile of the client.”;
They shall come into force on July 19, 2024.
[Notification No. G.S.R. 419(E)]
