The Reserve Bank of India (RBI) has issued a master direction on Know Your Customer (KYC) norms for banks, non-banking financial companies (NBFCs), and other entities regulated by the RBI. The master direction on KYC provides a comprehensive framework that seeks to promote transparency, accountability, and customer protection in the financial system. For evaluating the amendments to the Master Direction on Know Your Customer (KYC), we have considered a comprehensive AML/CFT risk assessment framework.

The framework is bucketed under four broad categories and further detailed in 12 key elements of an effective AML/CFT program thereby providing a systematic approach to identify, assess, and manage the money laundering and terrorist financing risks. To deep dive into understanding the significant role regulated entities play in establishment of robust systems and process for risk management, governance, and compliance, we have put together a document on the Amendment to Master direction on KYC dated 28 April 2023.

Download our point of view document to know more about the how regulated entities play a significant role of establishment of robust systems and processes for risk management, governance and compliance.

Key Contacts