Amendment to Master Direction – Know Your Customer (KYC) Direction, 2016

RBI amended the KYC Master Direction to align with recent changes in Prevention of Money Laundering Rules and incorporate government corrigendum instructions. Key amendments include clarifying that existing KYC compliant customers don’t need fresh CDD when availing new products/services from the same RE, restructuring monitoring requirements for high-risk accounts, and updating address change procedures with clearer verification requirements

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