Central KYC (cKYC) Registry

Central KYC (cKYC) Registry

cKYC also known as Central KYC Registry. It is maintained by CERSAI (The Central Registry for Securitization and Asset Reconstruction and Security Interest. CKYC is governed by Prevention of money laundering Act 2002.

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cKYC is Central Know your Customer Registry in India. It is initiative of Central Government and its depository is maintained by Central Government and can be accessible from portal ckycindia.in. cKYC is governed by section 73 of The Prevention of Money Laundering Act 2002, the maintenance of cKYC is held with CERSAI (The Central Registry for Securitization and Asset Reconstruction and Security Interest). The core objective of maintenance of Central KYC (cKYC) registry in India is to reduce the hassle of providing customer KYC at every time when there is requirement of the same while dealing with any financial entity.

Features of Central KYC (cKYC) are:

1. It is a uniform KYC record held by cKYC registry and can be used by across all financial sector institutions.

2. This uniform KYC record is linked with the independent ID proof of the user.

3. Maintenance of cKYC registry helps in subsequent cost reduction and multiplicity of registration across all financial sector institutions and data upkeep.

4. KYC data and its linked documents are stored in cKYC registry in secure digital format.

5. This cKYC registry facilitate KYC search, download, upload and update of KYC records.

6. Due to maintenance at Central Level it facilitates data de-duplication and ensure single KYC identifier per applicant.

7. It provide real time notification in case of change / updation in KYC documents.

8. This cKYC data can be accessed by all financial institutions and other authorized institutions registered on cKYC platform. Some of the institutions use cKYC data are SEBI, IRDA, RBI, PFRDA etc.)

Every reporting entity shall register itself on the portal of Central KYC (cKYC) and after registration it shall file electronic copy of client KYC within 3 days after establishment of account-based relationship with a client. For registration of reporting Entity there is mandatory requirement of at-least 2 admin users using Digital Signatures. Post registration login credentials shall be mailed on the mail-id of nodal officer.

Process for registration of Financial Institutions:

a. All eligible financial institutions have to register online on ckycindia.in
b. After submission of details online, the system will generate a reference number, the same reference number shall be communicated to nodal officer through e-mail. The Financial Institution need to mention this reference number in all communications.
c. cKYC use a test based mechanism for its participating FIs. All registered FIs need to run this test based application and ensure for testing the application. Admin 1 and 2 shall receive test bases login credentials within 24 hours of user generation.
d. In the testing environment, user need to visit each and every screen page and ensure for data entry, verification of entries, uploading of documents, downloading of documents and ensure for system testing.
e. Finally Financial Institution need to send application for registration with Central KYC (cKYC) registry to CERSAI for further processing.
Central KYC (cKYC) is a one time activity for uploading of KYC documents of user, once uploaded, all participating Financial Institutions can be able to access the KYC data of the applicant. In case if there is any change in user data, the same shall be updated by the eligible financial institutions.

In case if any client has a KYC identifier and provide the same to any financial institution, then such financial institution shall verify the client record using KYC identifier and cannot ask to submit the same KYC documents again. If the client has any new KYC document or any change in existing KYC document, then the same shall be submitted and the Financial Institution shall update the records of its client KYC on cKYC Portal.

We at ReturnFilings.Com will help the Financial Institutions for Central KYC (cKYC) Registry.