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Policy and regulations

New anti-money laundering rules bring KYC to the digital age; customer onboarding to cost less

Finance minister Nirmala Sitharaman last week allowed the use of bank KYC by NBFCs. It wouldn’t be surprising if gradually more and more entities are allowed voluntary Aadhaar e-KYC.
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wriju113
27 Aug 2019 9 Mins Read 2 comments
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Reading the recently amended Prevention of Money Laundering Act (PMLA), 2002, might feel a bit like reading the tea leaves. The follow-up announcement by finance minister Nirmala Sitharaman on August 23 was encouraging but essentially a set of bullet points summarising the world from a distance. While we wait for clarifications and further announcements, let’s take a look at
that were used at the point of registration, as these images are an important link between details of the ID card and the person presenting it. (Wriju Ray is co-founder and chief business officer at IDfy, a leading digital KYC solutions provider and one of the world’s top 100 companies in regulatory technologies (REGTECH 100); Twitter handle: @wriju_ray)
Reading the recently amended Prevention of Money Laundering Act (PMLA), 2002, might feel a bit like reading the tea leaves. The follow-up announcement by finance minister Nirmala Sitharaman on August 23 was encouraging but essentially a set of bullet points summarising the world from a distance. While we wait for clarifications and further announcements, let’s take a look at that were used at the point of registration, as these images are an important link between details of the ID card and the person presenting it. (Wriju Ray is co-founder and chief business officer at IDfy, a leading digital KYC solutions provider and one of the world’s top 100 companies in regulatory technologies (REGTECH 100); Twitter handle: @wriju_ray)

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