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India: Centralization of FATCA and CRS self-certifications

The Securities and Exchange Board decision to centralize FATCA and CRS self-certifications with KYC registration agencies.

March 6, 2024

The Securities and Exchange Board of India (SEBI) on 20 February 2024 issued a circular notifying the public of its decision to centralize FATCA and the common reporting standard (CRS) self-certifications with know your client (KYC) registration agencies (KRAs), effective from 1 July 2024.

The circular notes the following guidelines:

  • Intermediaries that are reporting financial institutions must upload FATCA and CRS self-certifications obtained from account holders to the KRA system starting from 1 July 2024. Any existing self-certifications obtained before 1 July 2024, must be uploaded to the KRA system within 90 days of that date.
  • The circular reiterates that the onus lies on reporting financial institutions to obtain respective self-certifications from account holders, verify their accuracy based on the information provided, including any documentation obtained in accordance with Prevention of Money Laundering (Maintenance of Records) Rules, 2005, and promptly update the self-certifications to the KRA system upon any changes.

The circular also advises KRAs to develop systems and mechanisms, coordinating with each other, following uniform internal guidelines and standards in consultation with SEBI.

Read a March 2024 report [PDF 566 KB] prepared by the KPMG member firm in India

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