What India RBI Master Direction on KYC 2016 - Customer Due Diligence & Risk Classification requires
The Reserve Bank of India Master Direction - Know Your Customer (KYC) Direction 2016 (updated through 2023) prescribes a four-tier customer risk classification (Low, Medium, High, Very High), document-based CDD requirements for individuals and legal entities, Video-based Customer Identification Process (V-CIP), mandatory linkage of Aadhaar with bank accounts (PMLA Rule 9(14)), periodic re-KYC (low risk: 10 years, medium: 8 years, high: 2 years), and Central KYC Records Registry (CKYC) integration. Banks must designate a Principal Officer and appoint a KYC Compliance Officer. FATF Recommendations 10-12 are implemented through these directions.
Pillar: Banking & Global Finance · Authority: Reserve Bank of India (RBI); Financial Intelligence Unit - India (FIU-IND); Prevention of Money Laundering Act 2002 (PMLA) - RBI directions issued under PMLA and Banking Regulation Act · Version: 1.0.1 · Last updated:
Primary source: https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=11566
SHA-256 integrity: 6695cb6aae89f663e212b3b5213fc55da92f59ea7bc73b75edf48185dac3c1e0
Primary Citations — 5 traced to source
- Chapter III (CIP - OVDs, Aadhaar, CKYC); Chapter IV (CDD - risk categorisation Low/Medium/High/Very High; EDD for PEPs); Chapter VII (V-CIP - live video, Aadhaar OTP, PAN verification); Chapter VIII (periodic re-KYC: 10/8/2 year cycles) — RBI Master Direction - Know Your Customer (KYC) Direction 2016 (updated 2023)
- Rule 9 (client due diligence); Rule 9(14) (mandatory Aadhaar linkage for bank accounts from June 2017); Rule 12 (maintenance of records - 5 years from account closure); Rule 13 (reporting of suspicious transactions to FIU-IND within 7 days) — Prevention of Money Laundering (Maintenance of Records) Rules 2005, as amended (PMLA Rules)
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