In this circular, the Know Your Customer (KYC) guidelines have been revisited in the context of the recommendations made by the Financial Action Task Force (FATF) on Anti Money Laundering (AML) standards and on Combating Financing of Terrorism (CFT)
RBI Risk assessment Circular
All Regulated Entities are required to follow Customer
identification procedures while undertaking a transaction
either by establishing an account-based relationship or
otherwise and monitor the transactions of these relationships.