KYC Registration Agency Online: The concept of KYC (Know Your Customer) has taken the centre stage in the Banking & Financial Industry. Since KYC helps in identifying and verifying the identity of a person before entering into a relationship, the KYC Registration Agency is playing a critical role in implementing this KYC process by collecting, authenticating, storing and updating customer information.
KYC Registration Agency Online
KYC refers to Know Your Customer. The KYC is a process of identifying and verifying the identity of the customer. The KYC procedure includes a lot of documentation that needs to be done in order to ensure proper identification of the customer.
Why KYC?
The main objective of KYC is to help reduce money laundering and other illegal financial activities such as financing of terrorism, drug trafficking, tax evasion etc. When there is transparency in transactions, it becomes easier for the bank/financial institution to keep track of all transactions and trace any suspicious activity that might be taking place.
Roles And Responsibilities Of A KYC Registration Agency Online:
- Undertaking KYC verification on behalf of banks or other regulated entities
- Handling end-to-end verification for new accounts, including verification of address, telephone number and PAN card details, etc.
- Generating application forms for new customers with standard personal details on behalf of banks or other regulated entities
- Collecting and managing data from customers in an encrypted format (as required under RBI guidelines)
List of KYC Registration Agency
List of KYC Registration Agencies (KRAs)
- Central Depository Services (India) Limited (CDSL)
- National Securities Depository Limited (NSDL)
- Stock Holding Corporation of India Limited (SHCIL)
- Karvy Data Management Services Limited (KDMSL)
Registered Under the KYC Registration Agency Regulations
The entities that are registered under the Sebi KYC Registration Agency Regulations, 2011 include:
- Mutual Funds
- Stock Brokers
- Asset Management Companies
- Merchant Bankers
- Portfolio Managers
- Collective Investment Schemes
- Venture Capital Funds
- Depository Participants
- Debenture Trustees
- Credit Rating Agencies
Functions of a KYC Registration Agency
A KYC registration agency facilitates the process of establishing identity of clients by businesses. They can be used to verify the credentials of customers from different businesses or industries like finance, insurance and banking. A KYC registration agency also helps clients to perform checks on potential investors or business associates. The main function of a KYC registration agency is to provide support in managing customer information and transactions.
KYC verification agencies provide a wide range of services such as customer identification, background checks, verification of credit history and so on. These agencies also provide data analysis, risk assessment and financial reporting services to their clients.
Can I check the KYC status online?
You can check the status of your KYC documents. On successfully submitting the details, you would be able to see the status of your KYC verification.
How to do the KYC Registration Agency process online?
KYC is a requirement for all financial institutions. It is the process of identifying and verifying the identity of the customer. KYC or Know Your Customer Process is an important part of maintaining AML (Anti-Money Laundering) compliance.
The following are the steps to be followed in the KYC Registration Agency process:
- The first step is to register yourself as a KYC Registration Agency (KRA) with SEBI or Securities and Exchange Board of India.
- Once you get your KRA certificate, apply for Aadhar authentication online with UIDAI or Unique Identification Authority of India.
- Download the software for PAN verification from NSDL or National Securities Depository Limited.
- Setup the software downloaded from NSDL on your computer and start using it for PAN verification.
