Budget: Govt to launch KYC Registry in 2025. All you need to know
Central KYC Registry in 2025. It will also implement a streamlined system for periodic updating.
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What is Central KYC Registry? Central KYC Registry is a centralized repository of KYC records of customers in the financial sector with uniform KYC norms and inter-usability of the KYC records across the sector with an objective to reduce the burden of producing KYC documents and getting those verified every time when the customer creates a new relationship with a financial entity.
What are the salient features of Central KYC Registry?
- Facilitates uniformity & inter-usability of KYC records & process across the financial sector.
- Unique KYC identifier linked with independent ID proofs.
- Substantial cost reduction by avoiding multiplicity of registration and data upkeep.
- KYC data and documents stored in a digitally secure electronic format.
- Facilitates KYC Search, Upload, Download, Update.
- Secure and advanced user authentication mechanisms for system access.
- Data de-duplication to ensure single KYC identifier per applicant.
- Real time notification to institutions on updation in KYC details.
Who can get access to Central KYC application? Central KYC application can be accessed by authorised institutions or other notified institutions under the Prevention of Money Laundering Act
