IRDAI vide Circular bearing reference no: IRDAI/IID/CIR/MISC/112/8/2024 dated August 12, 2024 issued Modifications to the Prevention of Money-Laundering (Maintenance of Records) Amendment Rules, 2024 dated August 01, 2022 (‘Circular’) advising insurers to refer Central KYC Registry (the CKYCR) for retrieving the KYC records without asking the customer to submit KYC records again.
I. Modifications introduced by the Circular:
Sr No
Extant provisions
Modified Provisions
1
12. Sharing KYC Information with Central KYC Registry (CKYCR)
Para 12.2
Where a customer submits a “KYC identifier” for KYC, the Insurers shall retrieve the KYC records from CKYCR. In such case, the customer shall not submit the KYC records unless there is a change in the KYC information required by Insurers as per Rule 9(1C) of PML Rules.
The para 12.2 have been substituted by the following statement:
“12.2 As part of complying with KYC norms, the Insurers shall adopt the procedure specified in Rule 9(1C) of PML Rules”
2
12. Sharing KYC Information with Central KYC Registry (CKYCR)
Para 12.3
If the KYC identifier is not submitted by the client / customer, insurers shall search (with certain credentials) for the same on CKYCR portal and record the KYC identifier of the client/ customer, if available.
The para 12.3 have been omitted.
3
12. Sharing KYC Information with Central KYC Registry (CKYCR)
Para 12.3
Insurer shall not use the KYC records of the client obtained from Central KYC Records registry for purposes other than verifying the identity or address of the client and should not transfer KYC records or any information contained therein to any third party unless authorised to do so by the client or IRDAI or by the Director (FIU-IND).
After para 12.9, the following paras have been inserted:
Para 12.10
Where additional or updated KYC information is obtained from a client under Rule 9(1C) of PML Rules, Insurers shall furnish the updated information to the CKYCR as per Rule 9(1D).
Para 12.11
If an update in the KYC record of an existing client is informed by the CKYCR, the Insurers shall retrieve the updated KYC records from the CKYCR and update the KYC record maintained by it.”
II. Insurers have been advised to take note of the amendments notified to PML Rules vide gazette notification no. GSR 419 (E) dated July 19, 2024.
III. Insurers have been advised to take the necessary steps to implement the same in terms of para 1.2 of the Master Guidelines.
A copy of the Circular and Gazette Notification is hereby attached for your perusal and ready reference.
Source category: IRDAI
Attachments
- /2024/422_Prevention_of_Money-Laundering_(Maintenance_of_Records)_Amendment_Rules,_2024_(1).pdf
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