Ministry of Finance has notified the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2024 with a view to further amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005.

Key Highlights: 

1. Now, the conditions for requiring clients to submit their KYC records or information or any other additional identification documents or details, by the Reporting Entity after receiving the KYC Identifier, are as follows:
   1. In case there is a change in the information of the client as existing in the records of Central KYC Records Registry; or
   2. In case the KYC record or information retrieved by the reporting entity is incomplete or is not as per the current applicable KYC norms prescribed by the respective regulator; or
   3. In case the validity period of the documents downloaded by the reporting entity, using their client KYC Identifier, has lapsed; or
   4. In case the reporting entity considers it necessary in order to verify the identity or address (including current address) of the client as per the guidelines issued by the regulator or to perform enhanced due diligence or to build an appropriate risk profile of the client.
2. In case the reporting entities obtains additional or updated information from a client, even after receiving the KYC Identifier, they must furnish the updated information to the Central KYC Records Registry within seven days or within such period as may be notified by the Central Government.
3. In case the Central KYC Records Registry, after being furnished with the updated information of the clients by the Reporting Entity, informs about an update in the KYC record of such client, the reporting entity must retrieve such updated KYC records from the Central KYC Records Registry and update the same in the KYC record maintained by them.

Source: Ministry of Finance

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