Rule 9A - Functions and obligations of the Central KYC Records Registry. - Prevention of Money-Laundering (Maintenance of Records) Rules, 2005

1 [Functions and obligations of the Central KYC Records Registry. 9A. (1) The Central Government shall within a period of 2 [one hundred and eighty days] from the date of coming into force of the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2015 set-up a Central KYC Records Registry having its own seal for the purpose of receiving, storing, safeguarding and retrieving electronic copies of KYC records obtained by the reporting entities from their clients in accordance with these rules. 3 [ Provided that in an International Financial Services Centre, no such receiving, storing, safeguarding and retrieving of records shall be required for a client who is a foreign national. ] (2) The Central KYC Registry shall perform the following functions and obligations, namely: - (a) shall follow any operating instructions issued by the Regulator, consistent with the guidelines referred to in clause (g) and issue the same to implement the requirements of these rules; (b) shall be responsible for storing, safeguarding and retrieving the KYC records and making such records available online to reporting entities or Director; (c) shall take all precautions necessary to ensure that the electronic copies of KYC records are not lost, destroyed or tampered with and that sufficient back up of electronic records are available at all times at an alternative safe and secure place; (d) shall cause an annual audit of its controls, systems, procedures and safeguards and shall undertake corrective actions for deficiencies, if any; (e) shall provide information only to the reporting entities which are registered with it on payment of fees as specified by the Regulator; (f) shall appoint a compliance officer who shall be responsible for monitoring the compliance of the Act, the rules made and the notifications issued thereunder and also the guidelines and instructions issued by the Central Government and the Regulator and for redressal of client's grievances; the compliance officer shall immediately and independently report to the Central Government any noncompliance observed by him; (g) the Regulator in consultation with the Central Government and the Central KYC Records Registry may issue guidelines to be followed by the reporting entities for 4 [ filing, retrieval, and utilisation of ] the KYC records with the Central KYC Records Registry or any other matter in connection with or incidental thereto; (h) the Central Government, in consultation with Regulator, may by notification in the public interest and in the interest of the regulated entities, direct that any of the provisions of rule 9 or rule 9A,- (i) shall not apply to a class or classes of regulated entities; or (ii) shall apply to the class or classes of regulated entities with such exceptions, modifications and adaptations as may be specified in the notification. ] ------------------- Notes: 1. Inserted Vide Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2015, w.e.f. 7-7-2015. 2. Substituted Vide Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2015, w.e.f. 18-11-2015. ninety days before it was read as: thirty days by the Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2015, w.e.f. 11-9-2015. 3. Inserted vide Notification No. G.S.R. 575(E) dated 13-07-2022 4. Substituted vide Notification No. G.S.R. 419(E) dated 19-07-2024 before it was read as, filing