PFRDA has issued a circular for CKYCR

Jul 29, 2021 | by Avantis RegTech Legal Research Team

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Labour Compliance

The Pension Fund Regulatory and Development Authority of India (PFRDA) on July 28, 2021 has issued a circular for the central KYC records registry (CKYCR). 

The following points have been inserted: 

• Once KYC Identifier is generated by CKYCR, PoPs shall ensure that the same is communicated in writing and in confidential manner to the subscribers in accordance with Rule 9 (1B) of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 as amended.

• In accordance with Rule 9 (1C) of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 as amended, where a subscriber, for the purposes of establishing an account-based relationship, submits a KYC Identifier to PoP, then such PoP shall retrieve the KYC records online from the Central KYC Records Registry by using the KYC Identifier and shall not require a subscriber to submit the same KYC records or information or any other additional identification documents or details.

• PoPs after obtaining additional or updated information from a subscriber under of Rule 9(1C) of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 as amended, shall as soon as possible furnish the updated information to the Central KYC Records Registry.

• PoPs shall not use the KYC records of a subscriber obtained from the Central KYC Records Registry for purposes other than verifying the identity or address of the client and shall not transfer KYC records or any information contained therein to any third party as per Rule 9(1F) of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 as amended.

• PoPs shall ensure that in case of accounts that have been opened prior to operationalisation of CKYCR, the KYC records are updated in the CKYCR during periodic updation and that the subscriber's accounts are migrated to current Customer Due Diligence Standards (CDD).

[Circular No. PFRDA/2021/31/SUP-POP/4]

 


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