The Reserve Bank of India (RBI) has introduced amendments to its Master Direction on Know Your Customer (KYC) procedures, aiming to extend centralized KYC compliance requirements to include all legal entities. This regulatory adjustment mandates that banks and other financial entities integrate the KYC data of legal entities into the Central KYC Records Registry (CKYCR), a step previously required only for individual accounts. Legal entities with accounts opened before April 1, 2021, are now required to have their KYC details registered in this centralized system as part of periodic updates. Financial institutions must incorporate this data within ten days of establishing an account-based relationship.
