Regulated Entities (REs) are advised to utilize the Mobile Number Revocation List (MNRL) available on the Digital Intelligence Platform (DIP) developed by the Department of Telecommunications (DoT), Ministry of Communications, Government of India, to monitor and clean their customer database.
The Central Know Your Customer (CKYC) initiative, established by the Government of India aims to streamline and simplify the KYC process across financial institutions. Managed by the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI), CKYC serves as a unified repository for storing KYC records of individuals.
The Prevention of Money Laundering Act 2002 (“PMLA”) was brought into force with effect from 1st July 20005. Necessary Notifications/Rules under the said act were published in the Gazette of India on July 01, 2005 by the Department of Revenue, Ministry of Finance, Government of India.