RBI Revises KYC Directions: A Push Towards Enhancing Risk Management
Background: Strengthening KYC Compliance With the aim to simplify the KYC process for financial institutions and enhance the effectiveness of customer identification measures, ensuring compliance with anti-money laundering and counter-terrorism financing regulations, RBI has recently made crucial amendments to its Master Directions -Know Your Customer (KYC) Directions, 2016, (“Amended Directions”) effective November 6, 2024. The …
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