What is Central KYC REGISTRY?
It is a centralized repository of KYC records of customers in the financial sector with uniform KYC norms and inter-usability of the KYC records across the sector with an objective to reduce the burden of producing KYC documents and getting those verified every time when the customer creates a new relationship with the financial entity.
Does it require to take Central KYC Registry?
Yes, all type of entity having registration and regulated from Reserve Bank of India (RBI), Insurance Regulatory & Development Authority (IRDA), Securities Exchange Board of India (SEBI) and Pension Fund Regulatory & Development Authority (PFRDA) is required to take registration of Central KYC.
PMLA rule [9(I)(1)] under Act, 2002 states every reporting entity shall within 3 days after the commencement of an account based relationship with a client, file the electronic copy of the client’s KYC records with the central KYC records registry.
Where a client submits a KYC Identifier to a reporting entity, then such reporting entity shall retrieve the KYC records online from the Central KYC Records Registry by using the KYC Identifier and shall not require a client to submit the same KYC records or information or any other additional identification documents or details
A reporting entity after obtaining additional or updated information from a client, shall as soon as possible furnish the updated information to the Central KYC Records Registry which shall update the existing KYC records of the client and the Central KYC Records Registry shall thereafter inform electronically all reporting entities who have dealt with the concerned client regarding updatation of KYC record of the said client.
Process of Registration
Financial Institution (FI) has to register at https://www.ckycindia.in. On the first stance, FI details need to be filled up.
Copy of PAN/Copy of CIN/Copy of CoR
Head of Institution & Nodal Officer details like Name/Designation/Email Id/Telephone Number)
Then on next step, it is required to provide Admin User (At least 2 are required), so kindly provide documents and information:-
Copy of PAN/Passport/Voter ID/Driving License/Aadhar [Name need to be matched with DSC]
Employee Code/Department/Designation/Mobile Number along with Telephone Number/Email ID
Duly Signed institution registration form
PAN Card of the entity
Corporate Identification Number (in case regulator issues multiple licenses too an entity)
Registration Certificate (In case of Co-operative Banks/societies)
Authorization letter by Competent Authority for Admin users (should be signed by the authorized signatory/director etc.)
Certified copy of the proof of the identity of the Admin users
Certified copy of photo identity card of the Admin users issued by the institution (in case photo ids are not issued by the institution to employees, a letter duly signed by the authorized signatory mentioning the same would be required along with the photographs of the admin users)
Note: In case, the present registered office address is different from the one mentioned in the license /certificate/registration copy, provide the latest CIN copy or an address proof with the present address.
Upon submission of the details online, the system will generate reference number and the same will be communicated to the nodal officer via email along with test environment registration link. This reference number has to be quoted on all communication henceforth.
FI shall send duly signed pre-filled FI registration form along with the supporting documents to CERSAI at 2nd floor, Rear Block, Jeevan Vihar Building, 3, Parliament Street, New Delhi-110001
FI would have to register them in the test environment and test the application. FIs have to test all the functionalities as per the checklist provided at the site. On completion of the testing, required to email the duly signed checklist at firstname.lastname@example.org
Kindly note that the live environment and test environment are independent of each other and will require separate registration. The registration code generated in the test environment is NOT the final code. The pre-filled form generated while registering on the live environment has to be sent to CERSAI along with other required documents.
After completion of testing and verification of documents by CERSAI, the adman’s and co-admins login credentials will be shared with their registered email ids. The FI code also will be assigned once registration is completed.
Requirement of Documents
The specification for scanning the supporting documents and photograph are stated below:-
- Documents should be scanned in grey-scale with a scanning resolution of 150-200 DPI.
- Recent passport-style color photograph. [Dimension 200*230 pixels and size of it should be less than 50kb on pdf/jpeg/jpg file format]
- File size maximum limit 350kb for Individual KYC record.
Please ensure that the data is legible and photograph should be of reasonable clarity.
In this way, the reporting entity can register the entity in central KYC.