When it comes to checking Officially Valid Documents (OVDs) and verifying KYC information, the maker-checker concept has been in place for a long time. However, due to the accelerated pace of digital transformation catalysed by the pandemic, the manual process of this maker-checker activity has started becoming more expensive and hence unviable.Continue reading “Automating Document Identification and Digital Retrieval of KYC Data”
On 10th May this year, the Reserve Bank of India (RBI) amended the Master Directions (MD) on KYC to expand the scope and usage of Video-based Customer Identification Process (V-CIP).
These amendments are a welcome move as they effectively eliminate the various ambiguities associated with the implementation of a V-CIP solution.Continue reading “Implications of RBI’s latest amendments to Master Directions on KYC”
Continuing its winning streak of developing world-class digital platforms that facilitate ‘Ease of Doing Business’ and enhance the lives of discerning Indian citizens, ECS recently helped National E-Governance Services Ltd. (NeSL) – a Union Government Company, to develop a fully-digital platform to enable paperless execution of non-registrable agreements and digital payment of Stamp Duty in the the state of Tamil Nadu.Continue reading “ECS Helps NeSL Digitise and Execute Non-registrable Contracts and Agreements in Tamil Nadu”
Earlier this year, the Reserve Bank of India (RBI) had permitted banks and financial institutions to deploy Video Customer Identification Process (V-CIP) to digitally onboard new customers.Continue reading “New Development: IRDAI To Permit Insurance Companies To Use Video KYC Soon”
As social distancing becomes the new norm amidst the raging Coronavirus (COVID-19) pandemic, organisations across the globe are focusing on contactless technologies to reduce in-person meetings with their customers.
Ever since we reached out to you all with our Video-based Customer Identification Process (V-CIP) solution, we have been inundated with a number of queries on the nitty gritties of V-CIP.
In a welcome relief to Aadhaar holders and Aadhaar-based e-KYC Authenticating Entities alike, the Finance Ministry on Wednesday, 13th November 2019 amended the Prevention of Money Laundering Act (PMLA) to make the e-KYC process easier.
To eliminate all ambiguities surrounding ‘Digital KYC’, the Department of Revenue working under the aegis of the Union Government of India’s Ministry of Finance recently released a notification on 19th August 2019 titled ‘Prevention of Money Laundering (Maintenance of Records) Third Amendment Rules, 2019.’
Following the Hon. Supreme Court’s Aadhaar verdict in September last year that disallowed private organisations from conducting Aadhaar-based e-KYC authentication, many organisations switched back to manual, paper-based KYC in order to comply with the SC judgment.
In a landmark move, the Hon. President of India Shri Ram Nath Kovind promulgated the ‘Aadhaar and Other Laws (Amendment) Ordinance, 2019’ on Saturday, 2nd March 2019. Through this ordinance, three important acts stay amended as on date – The Aadhaar Act, 2016, The Telegraph Act, 1885 and the Prevention of Money Laundering (PMLA) Act, 2002.