Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: VAT RATES :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: form 3cd :: empanelment :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: TDS
Latest Circulars »
 RBI-Framework for imposing monetary penalty on Authorised Payment Systems Operators / banks under Payment and Settlement Systems Act, 2007
 RBI-Sovereign Gold Bonds 2016-17 Series III – Operational Guidelines
  Registrations open for NCFE’s NFLAT (National Financial Literacy Assessment Test)
 Sovereign Gold Bond Scheme 2016 -17 – Series III
 Minutes of the Monetary Policy Committee Meeting October 3-4, 2016
 Registrations open for NCFE’s NFLAT (National Financial Literacy Assessment Test)
 Auction for Sale (Re-issue) of 7.35 per cent Government Stock 2024
 Auction of Government of India Dated Securities October 17, 2016
  Setting The Priorities Right (Shri S. S. Mundra, Deputy Governor – September 28, 2016 – at the 3rd SBI Banking and Economics Conclave in Mumbai)
  Financial Stability in a Weak Global Environment (Shri S. S. Mundra, Deputy Governor - September 22, 2016 - at the 7th SEACEN High Level Seminar for Deputy Governors in–charge of Financial Stability and Supervision, Mumbai)
 RBI issues Directions to United India Co-operative Bank Ltd., Nagina, Bijnor, Uttar Pradesh – Withdrawal of Directions

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

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 2016 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