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Reserve Bank of India (RBI) has overhauled its ‘Master’ Know Your Customer (KYC) guidelines

by Jyotsna Bucktowar | Oct 15, 2023

RBI has issued new guidelines for Know Your Customer (KYC) to strengthen the customer verification system. Under this, banks and non-banking financial companies (NBFCs) have been asked to adopt a risk-based approach regarding KYC updates from time to time…

RBI amends its Master Direction on KYC to strengthen CDD and risk-based monitoring requirements for regulated entities

by Jyotsna Bucktowar | Jun 20, 2023

The amendments, which came into effect on May 10, 2023, are aimed at preventing ML and TF. The key changes to the MD on KYC include: Enhanced CDD requirements: REs will now be required to conduct enhanced CDD for high-risk customers, including (PEPs) and those...

Recent Posts

  • EBA launches a consultation to simplify EU Supervisory reporting by cutting requirements by around 50% and reducing duplication and streamlining data requirements
  • NCA’s UKFIU SARs Reporter Booklet (Mar 26) reveals large-scale fraud and ML schemes, including £2.4M VAT frauds, £600k+ asset freezes, and complex organised crime networks 
  • FinCEN proposes a rule to fundamentally reform AML/CFT programs under the Bank Secrecy Act, shifting from “check-the-box” compliance to risk-based, effectiveness-focused outcomes
  • AUSTRAC finalises AML/CTF transitional and amendment rules, setting clear timelines for CDD, travel rule for payment transparency, and VASP obligations to help businesses strengthen ML/TF controls
  • OECD’s Consumer Finance Risk Monitor 2026 report flags rising FC risks from AI impersonation, phishing, investment and crypto fraud, with 85% of jurisdictions citing scams as the top risk

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