CURRENT AFFAIRS : BANKING & FINANCE
Reserve Bank of India Updates Know Your Customer Norms to Comply with Anti-Money Laundering Regulations
- The Reserve Bank of India (RBI) has announced amendments to the Master Directions on Know Your Customer (KYC) on November 6, 2024 and the amended provisions in the Master Direction shall come into force with immediate effect.
- According to the Amendment to the Master Direction – KYC Direction, 2016, regulated entities (REs) will have to apply the customer due diligence (CDD) procedure at the unique customer identification code (UCIC) level.
