What’s the first step that a customer has to take when he wants to avail any service from a Bank or a Financial institution? It is the Know Your Customer (KYC) process. KYC is a process where a financial institution verifies the identity and personal details of a potential customer. The RBI has made it mandatory for all companies to undertake KYC before offering any services to customers. While it has had a positive effect of reigning in unscrupulous activities like money laundering and fraud, it has its drawbacks too.
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RBI, SEBI, UIDAI and IRDAI tend to update their KYC mandate overtime and considering how official circulars are written most of us require the help of a legal expert to understand and interpret the changes and regulations that might affect you as an enterprise registered and regulated by one of these entities.
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RBI’s latest amendment of master directive on KYC, allowed regulated entities including banks to use offline Aadhaar for identifying and verifying their customers as required by PMLA act. This meant all private sector companies that had lost, an easy to use method of KYCing with eKYC, can now use Offline Aadhaar which is very similar to ekYC to KYC their customers.
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Aadhaar, apart from being India’s unique identity program was also responsible for changing the way how people looked at digital identity. The supreme court verdict on Aadhaar limited access of Aadhaar data by private companies and lead 2 drastic changes in the market,
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The government of India enacted Prevention of Money Laundering Act, in 2003 with an objective of preventing and control money laundering by antisocial elements.
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A quick Google or DuckDuckGo search would reveals more than 20 times in 2018, when a million users or more of a website, or a service or an app got their private information stolen. And that are the ones that we know of.
Read StoryGone are those days where all office data were stored externally in hard disks CDs etc, Today, most of the organization’s work is done in the cloud with multiple devices, which means the data can be accessed from anywhere by the company personnel.
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