Central KYC Registry in India

The Central KYC Registry (CKYCR) is a centralized database in India that stores KYC records to simplify customer verification across financial institutions.

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Central KYC Registry - An Overview

The Government of India vide their Notification dated November 26, 2015 authorized the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), set up under sub-section (1) of Section 20 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), to act as and to perform the functions of the Central KYC Records Registry under the said rules, including receiving, storing, safeguarding and retrieving the KYC records in digital form of a “client”, as defined in clause (ha) of sub-section (1) of Section 2 of the Prevention of Money-Laundering Act, 2002. The Central Government have also amended the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 vide Notification dated July 07, 2015 for the purpose of establishment of Central KYC Records Registry.

Overview of the role of CKYCRR in the KYC process

The objective of setting up the CKYCRR was to have a Centralised Repository of KYC records of customers in the financial sector (across the Regulated Entities of all the Financial Sector Regulators viz RBI ,SEBI, IRDAI & PFRDA) with uniform KYC norms and inter-usability of KYC records across the financial sector to reduce the burden of producing KYC documents and getting those verified any time when the customer creates a new financial relationship with a financial entity.

Since the operationalization of CKYCRR, clients need to submit their KYC details only once with any of the reporting entities of RBI, SEBI, IRDAI and PFRDA at the time of account opening. Thereafter, they are assigned a unique CKYC Identifier which can be used by the client when they are establishing an account-based engagement with any other reporting entity. There will be no need for reporting entities to repeat the KYC process in case the client’s KYC record is already registered with CKYCRR, as the KYC record can be easily retrieved in an electronic format from the Registry.

Registration

Registration process entails the following:

  1. Entry of the requisite details on the registration screen by the Nodal Officer/Authorized Signatory of the reporting entity and online submission of the same
  2. Upon submission, a reference ID and pre-filled application form will be emailed to the registered email id.
  3. The following supporting documents shall be sent to Central KYC Records Registry, CERSAI.
    • Duly Signed institution registration form
    • Regulator License/Certificate/Notification
    • PAN Card of the Entity
    • Corporate Identification Number (in case regulator issues multiple licenses to an entity)
    • Registration Certificate (In case of Co-operative Banks/societies)
    • Authorization letter by Competent Authority for Admin users (should be signed by the authorized signatory/nodal officer etc.)
    • Certified copy of photo identity card of the admin users issued by the institution
    • Certified copy of the proof of the identity of the admin users issued by the institution (in case photo ids are not issued by the institution to employees, a letter duly signed by the authorized signatory mentioning the same would be required along with the photographs of the admin users)
  4. The documents will be verified by CERSAI and shall accordingly be approved/rejected/put on hold.
  5. Post successful completion of the document verification stage, the reporting entity shall have to register on the testing portal. Documents do not need to be submitted for the testbed registration.
  6. Post verification of the testbed registration request, the testbed login credentials will be sent to the registered email ids.
  7. The reporting entity shall then submit the testing checklist online on the testing portal. The checklist shall be verified, and testing completion approval mail shall be sent to the institution’s registered email id.
  8. The final approval of the live registration request shall be provided, and the live login credentials will be provided to the users on their registered email.

Who can access the Central KYC Registry?

Authorized institution or is any other notified institution under the Prevention of Money Laundering Act or other rules provided by the Government of India or any other regulators is only authorized to access the CKYC Applications. These regulators include SEBI, RBI, IRDA and PFRDA.

Process for Financial Institutions to Register with Central KYC Registry

First and Foremost, the applicant has to secure the Central KYC Registry Form from the concerned website. Central KYC form is obtained from the AMC or KRA website or registrar. The process for Financial Institutions to register with the Central KYC Registry is as follows:

  • Visit the official website of CKYC.
  • Click to resister a new Fl registration.
  • You would need to add details of individual managing the details related to the website. Such individual would be known as the admins.
  • Then, you will be asked to enter details of your financial institution.
  • Provide the detail of the regulating body you are registered with.
  • It is mandatory for you to have at least two digital signatures to be able to start your operations.
  • You need to download the filled Fl registration form and submit it along with the required Documents.
  • Upon submission of the registration form the system generates a temporary reference number and sends it to the nodal officer.
  • Then you need to test all the functionalities as per the prescribed checklist.
  • CERSAI will then verify your application and approve it if details are correct.

Note-

In case of discrepancies the CERSAI will put your application on hold and inform you via e-mail.

Documents required for Central KYC Registry Registration for Financial Institutions

Below mentioned are the Documents that you need to need to get for the CKYC:

  • A Duly signed Institution Registration Form of the Fl
  • License, Certificate, Notification issued by the regulator
  • PAN card of the Financial Entity
  • Corporate Identification number in case the Institutions holds multiple Licenses
  • In the case of Co- Operative Banks or Societies, you need to submit Registration Certificate issued by the concerned authority
  • The Authorization letter from competent authority for Admin Users should be signed by the Authorized Signatory/ Director
  • Certified copy of the photo identity card of the user administrator issued by the respective institution
  • Certified copy of any ID proof of the user administrator.

Note –

Once the required Documents are submitted/uploaded on the Central KYC servers it is verified and registered within 2 weeks after it is uploaded. An applicant investor can start investing immediately. Central KYC not only saves the physical submission of Documents but also avoids any hassle to the investor.

Procedure for Central KYC Registry registration for Individuals

The procedure to resister yourself on CKYC is as follows:

  • Visit the site CKYC.
  • Once you enter your PAN, the system checks if it is a valid PAN and if you are already KYC verified.
  • If your KYC is already verified, it will alert you and ask you if you wish to modify your KYC details.
  • Any modification can be done by pressing the continue button.
  • Enter your Name, Mobile Number, Email and Aadhaar (UID) Number.
  • To receive communication from the AMC, tick the checkbox to accept and then click on submit.
  • Further, on the next page add more personal details required for Central KYC.
  • Attachment of self-certified copies of the PAN card and the Aadhaar card.
  • Add the photo by clicking through the camera.
  • Sign on a plain piece of paper for uploading the signature and show it to the device camera and the camera will capture it.
  • In-person verification via a live video recording through your device camera.
  • Finally, you need to provide a confirmation, that all the information provided and submitted is true and best to your knowledge.

Documents Required for CKYC Registration for Individuals

Below mentioned are the Documents required for CKYC forms:

  • Proof of Identity i.e. Passport, Voter Id card, PAN card, Driving License and other Document notified the Central government
  • Proof of Address i.e. Aadhaar Card, Passport, Voter Id card, PAN card, Driving License along with the copies supported by original Documents at the time of submission for verification
  • The Documents should be self-attested along with the photograph
  • Signature on the plain paper
  • Web Camera with a smooth internet connection
  • Contact details
  • Details of the related person i.e. Guardian of Minor, Authorized representative.

Note –
If Identity proof does not contain the address, or the address is not valid then only address proof is required as a further Document. In case the Applicant investor has multiple correspondence addresses, Annexure is required to be submitted along with the Central KYC registry form.

FATCA Declaration – A declaration has to be made by the investor to provide a declaration related to the Foreign Account Tax Compliance Act. FATCA declaration is made to prevent people from tax evasion.
Once the investor submits the form and the information provided is verified, a unique KIN (KYC Identification number) is generated and communicated to the applicant via SMS/email.
Note-Individual Investor (Resident and NRI) are eligible to apply for Central KYC How to reach Enterslice for Central KYC Registry Process

FAQ's

This central KYC acts as a basic repository for all information related to KYC Documents of different forms of financial institutions and individuals. It acts as a one stop shop for all the KYC needs for a particular organisation.

There are many benefits with securing the system related to Central KYC. Some of the features include frequent updating of records. Apart from this, there is a uniform interface for carrying out the requirement related to KYC.

Usually this system is utilised by individuals and different forms of financial institutions.

In order to carry out ease of business transactions, the Central Government brought out this system for identification policies. Apart from this, to reduce the amount of money laundering in India, this system was brought out.

The following institutions can access records under Central KYC Registry:

• Authorised Institutions

• Institutions under the Prevention of Money Laundering Act

• IRDAI

• SEBI

• MCA

• RBI.

The following types of searches are present under the registry:

• Asset based Search

• Debtor based Search

• AOR search

• Online Reports

• MIS Reports

• RMS Reports

• Batch Reports.

Yes digital signature is a mandatory requirement for carrying out all processes related to the login.

Yes once an entity is registered with the above system, there is a possibility to secure the entity registration report from the system.


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