The IRDAI vide circular dated 25.01.2021 has directed all Life and General Insurers Including Standalone Health Insurers, to extend the Central KYC Registry (CKYCR) to Legal Entities (LEs). The IRDAI circular dated July 12, 2016 directed the Reporting entities (REs) to upload the KYC data pertaining to all individual accounts on to CKYCR in terms of the provisions of the Prevention of Money Laundering (Maintenance of Records) Rules (PML Rules). This circular has directed REs to upload the KYC data pertaining to accounts of LEs opened on or after April 1, 2021, on to CKYCR in terms of the PML Rules.
REs shall also ensure that in case of accounts of LEs opened prior to April 1, 2021, the KYC records are uploaded on to CKYCR during the process of periodic updation by/ before the next transaction. REs shall ensure that during periodic updation, the customers’ KYC details are migrated to current Customer Due Diligence (CDD) standards.
