Periodic Updation of KYC

Periodic Updation of KYC for High, Medium and Low Risk Category customers

"Periodic Updation" means steps taken to ensure that documents, data or information collected under the CDD process is kept up-to-date and relevant by undertaking reviews of existing records at periodicity prescribed by the Reserve Bank.

Periodic updation shall be carried out at least once in every two years for high risk customers, once in every eight years for medium risk customers and once in every ten years for low risk customers subject to the following conditions:

(a) Fresh proofs of identity and address shall not be sought at the time of periodic updation, from customers who are categorised as ‘low risk’, when there is no change in status with respect to their identities and addresses and a self-certification to that effect is obtained.

(b) A certified copy of the proof of address forwarded by ‘low risk’ customers through mail/post, etc., in case of change of address shall be acceptable.

(c) Physical presence of low risk customer at the time of periodic updation shall not be insisted upon.

(d) The time limits prescribed above would apply from the date of opening of the account/ last verification of KYC.

(e) Fresh photographs shall be obtained from customer for whom account was opened when they were minor, on their becoming a major.