EC No.108/DoS -30/2023
30 May 2023
Ref. No. NB. DoS. Policy/ 583/P-165 / 2023-24
The Chairman, All Regional Rural Banks
The Managing Director, All State Cooperative Banks
The Managing Director/ Chief Executive Officer, All District Central Cooperative Banks
Madam /Dear Sir
Amendment to the Master Direction (MD) on KYC
Please refer to the Master Direction (MD) on KYC dated 25 February 2016 (updated up to 10 May 2021). RBI has now issued two amendments to the aforementioned circular vide its Circular No. DOR. AML. REC. 111 / 14.01.001 / 2023-24 dated April 28, 2023 and DOR. AML. REC. 13/14.01.001/ 2023-24 dated May 04, 2023.
2. RBI has amended/ incorporated/ updated certain instructions in the Master Direction on KYC in light of the following:
i. Recent amendments carried out in the Prevention of Money Laundering (Maintenance of Records) Rules, 2005
ii. Government of India orders on Procedure for Implementation of Section 12A of the Weapons of Mass Destruction (WMD) and their Delivery Systems (Prohibiting of Unlawful Activities) Act, 2005
iii. FATF Recommendations
iv. Internal review by RBI
3. Accordingly, the copies of the aforementioned two amendments and the complete Master Direction on KYC updated as on 04 May 2023 is attached herewith.
4. You are requested to scrupulously adhere to the instructions contained therein.
5. Please acknowledge receipt to our Regional Office.
(K. S. Raghupathi)
Chief General Manager
Encl.: As above