The Reserve Bank updated some of the existing guidelines and modified the Know Your Customer (KYC) standards to conform to the most recent revisions made to the Prevention of Money Laundering (Maintenance of Records) Rules.

Regulated entities (REs) are required to apply the customer due diligence (CDD) process at the unique customer identification code (UCIC) level by the KYC Direction, 2016 Amendment to the Master Direction.

"Therefore, it was stated that there would be no need for a new CDD exercise in terms of customer identification if an existing KYC-compliant customer of a RE wanted to create another account or use any other product or service from the same RE", it stated

The Reserve Bank of India (RBI) released a circular stating that the Master Direction's modified provisions are now effective immediately.

Additionally, the CDD Procedure and the exchange of KYC data with the Central KYC Records Registry (CKYCR) have been amended.

"Whenever the RE obtains additional or updated information from any customer...the RE shall within seven days or within such period as may be notified by the Central Government, furnish the updated information to CKYCR, which shall update the KYC records of the existing customer in CKYCR", the RBI stated.

An organization called CKYCR receives, saves, protects, and retrieves a customer's digital KYC records.