In a welcome relief to Aadhaar holders and Aadhaar-based e-KYC Authenticating Entities alike, the Finance Ministry on Wednesday, 13th November 2019 amended the Prevention of Money Laundering Act (PMLA) to make the e-KYC process easier.
Titled ‘The Prevention of Money-laundering (Maintenance of Records) Fifth Amendment Rules, 2019’, the amendment now allows Aadhaar holders to register their Aadhaar address as per their permanent address and their current address as their correspondence address. Please click here to download the Finance Ministry’s notification on the PMLA Fifth Amendment Rules, 2019.
Having two separate addresses (a permanent residential address and a functional current address for KYC purposes) has been a long-standing demand of Aadhaar holders and the recent PMLA amendment is heartily welcomed by many stakeholders of the e-KYC ecosystem.
The new amendment is especially beneficial for the migrant populace as well as for floating professionals who voluntarily allow the use of their Aadhaar details as an identity and residential proof. With the new amendment, Indian citizens can now register the address of their native place as their permanent residential address and the address of the place where they are living for work as their current residential address with the KYC seeking entity by merely submitting a self-declaration to this effect.
As India’s leading Aadhaar-based e-KYC Solutions Provider, we strongly believe that the new PMLA amendment will be a game-changer for organizations that rely on UIDAI’s e-KYC and Offline KYC ecosystems for completing the KYC of their end customers as it would significantly speed up and ease the overall e-KYC process.
What do you think? We’ll be happy to hear your thoughts 🙂
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Regards
Team ECS.