E-KYC to be accepted for verification: Irda

E-KYC to be accepted for verification: Irda
Insurance Regulatory and Development Authority (Irda) said that the e-KYC (electronic know-your-customer) services operationalised by the Unique Identification Authority of India (UIDAI) will be accepted as valid KYC process for insurance.

UIDAI had operationalised e-KYC services recently. "The acceptability of these services for KYC purposes under the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, was discussed with the Department of Revenue, Ministry of Finance and operational issues were taken up with the insurers," Irda said in a circular.

Earlier, Irda had informed insurers that a letter issued by the UIDAI containing details such as name, address and Aadhaar number was a valid document for customer identification, said Business Standard.

Moreover, the Finance Ministry has said that under the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 e-KYC services may be accepted as a valid process for KYC verification.

Besides, Irda added that in cases where e-KYC services are availed for KYC verification, certification requirements under earlier guidelines of anti-money laundering shall be deemed to be complied with.

Dion Global Solutions Ltd.

Read more about: irda, ekyc, uidai, kyc, insurance
Story first published: Tuesday, October 22, 2013, 9:10 [IST]
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