Every morning, across hundreds of banks, NBFCs, fintechs, and securities firms in India, AML analysts sit down to a queue of alerts. Some are obvious. Most are not. A few will matter enormously; not just to the institution but to the integrity of the financial system itself. The analyst’s job is to sift through the […]
In India’s financial institutions, a fundamental reorientation is underway – one that is as much about governance philosophy as it is about regulatory obligation. The question is no longer whether Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) deserve boardroom attention.
Money laundering costs the global economy an estimated 2 to 5% of GDP annually between $800 billion and $2 trillion, according to the UN. In India alone, enforcement agencies have attached assets worth thousands of crores over the last decade, across real estate, shell structures, and increasingly, digital financial rails.
We often obsess over the visible giants of the Indian economy, such as UPI, adoption of digital transactions and the rapid growth of the financial ecosystem. Yet, the real engine of our economic explosion seems to be invisible. It is a silent digital handshake happening millions of times a day between a central registry and a financial institution.
The Reserve Bank of India (RBI), as India’s central banking institution and primary financial regulator, occupies a critical position in safeguarding the integrity of the nation’s financial system against money laundering and terrorist financing threats.
There is a need to amend the Directions to clarify the responsibility of entities uploading customer records to and downloading the same from CKYCR, based on the office memorandum (OM) titled “CKYCR and the ultimate responsibility of REs – reg.
This is to inform you about a new feature in CKYCRR that will enable reporting entities (REs) to flag KYC
records of deceased customers.
The framework governing the quality of KYC records uploaded to the CKYCRR is already prescribed/published on the CKYC website under the operating documents/guidelines tab & REs are advised to follow these parameters reiterated in a compiled form.
A new module has been rolled out to manage the deactivation of duplicate KYC records that are observed in CKYCR. It’s designed to help reporting entities (REs) in reporting, merging & deactivating duplicate KYC records.
This is to inform that in compliance with the order dated April 30, 2025, of Honorable Supreme Court regarding “Accessibility to Digital KYC process to Differently Abled Persons”, the following details shall be collected by CKYCRR: