Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: VAT RATES :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: articles on VAT and GST in India :: list of goods taxed at 4% :: due date for vat payment :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS
 
 
« Latest Circulars »
 Formation of new districts in the State of West Bengal - Assignment of Lead Bank Responsibility
 Investment by Foreign Portfolio Investors in Corporate Debt Securities – Review
 RBI-Issuance of Rupee Denominated Bonds (RDBs) Overseas
 Inclusion of “Suryoday Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934
  Trade Repository for OTC Foreign Exchange and Interest Rate Derivatives
 RBI to regulate peer-to-peer lending firms
  Export Data Processing and Monitoring System (EDPMS) Issuance of Electronic Bank Realisation Certificate (eBRC)
 Export Data Processing and Monitoring System (EDPMS) Issuance of Electronic Bank Realisation Certificate (eBRC)
 Auction for Sale (Re-issue) of Government Stock (GS)
 RBI-Auction of Government of India Dated Securities September 18, 2017
 RBI releases Handbook of Statistics on the Indian Economy 2016-17

RBI-KYC Norms/AML Standards / Combating Financing of Terrorism - Unique Customer Identification Code for NBFC Customers in India
May, 04th 2013

RBI/2012-13/489
DNBS (PD).CC. No. 325/03.10.42/2012-13

May 03, 2013

Non-Deposit taking NBFCs with assets of Rs 25 cr and above/
All Deposit taking NBFCs

Dear Sir,

Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT) - Unique Customer Identification Code for NBFC Customers in India (UCIC)

The Reserve Bank of India has been, from time to time, issuing guidelines on KYC/AML/CFT measures. The increasing complexity and volume of financial transactions necessitate that customers do not have multiple identities within a Financial Institution or across the financial system. This can be achieved by introducing a unique identification code for each customer. In this regard, a Working Group constituted by the Government of India has proposed the introduction of unique identifiers for customers across different Financial Institutions for setting up a centralized KYC Registry.

2. While setting up such a system for the entire financial system is likely to take time, NBFCs can make an immediate beginning in this regard by putting in place such identification code for their own customers. The UCIC will help NBFCs to identify customers, track the facilities availed, monitor financial transactions in a holistic manner and enable NBFCs to have a better approach to risk profiling of customers. It would also smoothen NBFC’s operations for the customers.

3. Consequently, NBFCs are advised to initiate steps for allotting Unique Customer Identification Code (UCIC) to all their customers while entering into any new relationships. Similarly, existing individual customers may also be allotted UCIC by end-June 2013.

Yours faithfully,

(Sindhu Pancholy)
Deputy General Manager

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions