Master Direction - Know Your Customer (KYC) Direction, 2016 (Updated as on January 04, 2024) - FEMA - RBI/DBR/2015-16/18

RBI/DBR/2015-16/18 Master Direction DBR.AML.BC.No.81/14.01.001/2015-16 February 25, 2016 (Updated as on January 04, 2024) (Updated as on October 17, 2023) (Updated as on May 04, 2023) (Updated as on April 28, 2023) (Updated as on May 10, 2021) (Updated as on April 01, 2021) (Updated as on March 23, 2021) (Updated as on December 18, 2020) (Updated as on April 20, 2020) (Updated as on April 01, 2020) (Updated as on January 09, 2020) (Updated as on August 09, 2019) (Updated as on May 29, 2019) Master Direction - Know Your Customer (KYC) Direction, 2016 In terms of the provisions of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 , as amended from time to time by the Government of India as notified by the Government of India, Regulated Entities (REs) are required to follow certain customer identification procedures while undertaking a transaction either by establishing an account-based relationship or otherwise and monitor their transactions. 1REs shall take steps to implement the provisions of the aforementioned Act and Rules, including operational instructions issued in pursuance of such amendment(s). 2. Accordingly, in exercise of the powers conferred by Sections 35A of the Banking Regulation Act, 1949, the Banking Regulation Act (AACS), 1949, read with Section 56 of the Act ibid, Rule 9(14) of Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 and all other laws enabling the Reserve Bank in this regard, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest to do so, hereby issues the Directions hereinafter specified.