On 10th May this year, the Reserve Bank of India (RBI) amended the Master Directions (MD) on KYC to expand the scope and usage of Video-based Customer Identification Process (V-CIP).
These amendments are a welcome move as they effectively eliminate the various ambiguities associated with the implementation of a V-CIP solution.
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Continuing its winning streak of developing world-class digital platforms that facilitate ‘Ease of Doing Business’ and enhance the lives of discerning Indian citizens, ECS recently helped National E-Governance Services Ltd. (NeSL) – a Union Government Company, to develop a fully-digital platform to enable paperless execution of non-registrable agreements and digital payment of Stamp Duty in the the state of Tamil Nadu.
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Earlier this year, the Reserve Bank of India (RBI) had permitted banks and financial institutions to deploy Video Customer Identification Process (V-CIP) to digitally onboard new customers.
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As social distancing becomes the new norm amidst the raging Coronavirus (COVID-19) pandemic, organisations across the globe are focusing on contactless technologies to reduce in-person meetings with their customers.
Ever since we reached out to you all with our Video-based Customer Identification Process (V-CIP) solution, we have been inundated with a number of queries on the nitty gritties of V-CIP.
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.
To eliminate all ambiguities surrounding ‘Digital KYC’, the Department of Revenue working under the aegis of the Union Government of India’s Ministry of Finance recently released a notification on 19th August 2019 titled ‘Prevention of Money Laundering (Maintenance of Records) Third Amendment Rules, 2019.’
Following the Hon. Supreme Court’s Aadhaar verdict in September last year that disallowed private organisations from conducting Aadhaar-based e-KYC authentication, many organisations switched back to manual, paper-based KYC in order to comply with the SC judgment.
In a landmark move, the Hon. President of India Shri Ram Nath Kovind promulgated the ‘Aadhaar and Other Laws (Amendment) Ordinance, 2019’ on Saturday, 2nd March 2019. Through this ordinance, three important acts stay amended as on date – The Aadhaar Act, 2016, The Telegraph Act, 1885 and the Prevention of Money Laundering (PMLA) Act, 2002.
As seen in our earlier blog posts on Aadhaar-based Offline KYC (here and here), most of you must be aware that UIDAI supports the initiation and completion of Offline KYC transactions through two instruments – eAadhaar and Offline KYC XML.
While enterprises can choose any of these two instruments to initiate and complete Offline KYC transactions, our experience has shown that Offline KYC XML offers more advantages than eAadhaar.