The Reserve Bank on Wednesday updated the Know Your Customer (KYC) guidelines to reflect recent changes in the Prevention of Money Laundering (Maintenance of Records) Rules and revised certain current directives.

Under the updated Master Direction – Know Your Customer (KYC) guidelines from 2016, regulated entities (REs) must perform customer due diligence (CDD) at the unique customer identification code (UCIC) level.

This means that if a KYC-compliant customer wishes to open a new account or access another service with the same RE, they will not be required to undergo a fresh CDD process for identification purposes.