IRDAI vide circular ref no. IRDAI/IID/AMLCFT/1/2023-24 dated September 7, 2023 ( circulated by the General Insurance Council on September 13, 2023 ) has issued directions for simplification of the KYC updation process for existing customers and increasing awareness of Central KYC Records (CKYCR).
The major highlights of the Circular are as follows:
- Where there is no change in KYC information at the time of periodic updation and the existing documents are compliant with the extant PML Rules – Self-declaration by customer of no change in KYC information using registered email or SMS message or digital channels (such as mobile application, online portal) etc. may be obtained
- Where there is change in KYC information of customers who were on-boarded in compliance with current applicable Client Due Diligence requirements – Scanned or digital documents, indicating changed KYC information, may be obtained through secure online means such as mobile application, online portal, registered email id, etc. Aadhaar based e-KYC in non-face to face mode using OTP authentication may also be used for updation of KYC.
- In order to increase awareness and usage ofCKYCR Registry, the insurers are advised to undertake the following measures:
- A one-time exercise shall be undertaken to inform the customers about their KYC identifiers (CKYCR Identifier) through email / SMS messages, etc.
- Display the KYC Identifier of a customer on the policy document and all customer facing interfaces such as internet portal, mobile application, etc.
Source category: IRDAI
Attachments
- /2023/261_Circular_on_Simplification_of_KYC_updation_process_for_customer.pdf
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