Implications of RBI’s latest amendments to Master Directions on KYC

RBI's amendments to V-CIP process

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.

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ECS Helps NeSL Digitise and Execute Non-registrable Contracts and Agreements in Tamil Nadu

e-Kaiyoppam

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.

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New Development: IRDAI To Permit Insurance Companies To Use Video KYC Soon

ECS Video KYC for Banks, Financial Institutions and Insurance companies

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.

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Contactless Customer Acquisition: The “New Normal” In The Post-COVID19 World

ECS Contactless V-CIP

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.

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PMLA Fifth Amendment Rules, 2019 – Making e-KYC More Easier

PMLA Fifth Amendment Rules, 2019

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.

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Decoding the implications of ‘Prevention of Money Laundering (Maintenance of Records) Third Amendment Rules, 2019’

PMLA Amendment

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.’

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Introducing Aadhaar Data Masking

ECS Aadhaar Data Masking Solution

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.

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Decoding the ‘Aadhaar and Other Laws (Amendment) Ordinance, 2019’

Aadhaar Amendment Ordinance 2019

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.

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