A note on Central KYC registry, to be operated through Central Registry of

Securitisation Asset Reconstruction and Security Interest of India (CERSAI).

By- Micro Finance Institutions Network

 Central KYC registry through
Central Registry of Securitisation Asset Reconstruction & Security Interest of India

1. Introduction

Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) is a
Government company registered under section 25 of the Companies Act, 1956 having its registered
office at New Delhi. The company incorporated with majority shareholding of the Central
Government, Public Sector Banks and National Housing Bank for operating a Registration System
under the provisions of Chapter IV of the Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002, (SARFAESI Act), to act as and to perform the functions of
the Central KYC Records Registry, including receiving, storing, safeguarding and retrieving the KYC
records in digital form of a client.

RBI has issued a circular on 26th November 20151 in line with Government’s Prevention of Money
Laundering (Maintenance of Records) Rules, 2005, and have mandated all financial institutions to
abide by this.

Objective

Central KYC Registry is a centralized repository of KYC records of customers in the financial sector
with uniform KYC norms and inter-usability of the KYC records across the sector. This aim to reduce
the burden of producing KYC documents and getting those verified every time when the customer
creates a new relationship with a financial entity.

Salient features of CKYCR

➢ Unique KYC identifier linked with independent ID proofs.

➢ It has a user-friendly web portal
➢ KYC data and documents stored in a digitally secure electronic format
➢ Secure and advanced user authentication mechanisms for system access
➢ Data de-duplication to ensure single KYC identifier per applicant
➢ ID authentication with issuing authorities like Aadhaar/PAN etc.
➢ Substantial cost reduction by avoiding multiplicity of registration and data upkeep
➢ Real time notification to institutions on updation in KYC details
➢ Regulatory reports to monitor compliance
➢ On update of a KYC record on the CKYCR, all linked FIs will receive an electronic update
notification of a KYC record. The entities can then download the last updated record of the client.
➢ The KYC data uploaded on the CKYCR will go through a de-duplication process based on the
demographics and identity details submitted. The CKYCR will provide probable match cases to FIs
for reconciliation and resolution.

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2. How to register for CKYCR

Central KYC registry application can be accessed by authorised institutions or other notified
institutions under the Prevention of Money Laundering Act or rules framed by the Government of
India or any Regulator (RBI, SEBI, IRDA, and PFRDA).

Every reporting entity can have access to the CKYCR portal through their digital signature of Class II
or III, which is validated every time the portal is accessed.

• A Financial Institution (FI) can register themselves at CKYC website and submit their business
registration details online
• Post registration the institution must send the pre-filled FI registration form along with their
business registration documents to CERSAI at 2nd Floor, Rear Block, Jeevan Vihar Building, 3,
Parliament Street, New Delhi – 110001
• FI would have to register themselves on the test environment and test their applications, before
going live.
• If the entity gets registered successfully they will receive an email from CERSAI with login details
and payment instructions

For further details with regard to testing environment and checklist please see check the operating
guidelines from CKYCR website

3. Fee to avail CKYCR facility

Entities must keep a pre-paid balance amount in their wallet which is maintained by CERSAI. Entities
can load this pre-paid wallet balance by transferring payment to CERSAI through online banking and
submit a proof of it within the portal. This balance is consumed with every query or data upload
activity and the entity can do transaction up to the balance they have in their pre-paid wallet balance.
Updated one-time registration and per transaction fee can be checked at CERSAI website under fee2
section.

4. Few important Operating Guidelines for Financial Institutions

a. Reporting entities shall be required to register with the Central KYC Registry

b. While commencing an account-based relationship, reporting entity shall verify the identity of the
customer and perform the initial due diligence of the customer.

c. Where a customer submits a KYC Identifier to a reporting entity, then such reporting entity shall
download the KYC records from the Central KYC Registry by using the KYC Identifier and shall not
require a customer to submit the documents again unless

i. There is a change in the information of the customer as existing in the records of Central
KYC Registry.
ii. The current address of the client is required to be verified.
iii. The reporting entity considers it necessary to verify the identity or address of the client,
or to perform enhanced due diligence or to build an appropriate risk profile of the client.

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d. The reporting entity shall not use the KYC data of a customer for purposes other than verifying
the identity or address of the client and shall not transfer KYC records or any information to
any third party unless authorised by regulators of authorised professionals
e. The reporting entity which performed the last KYC verification or sent updated information in
respect of a client shall be responsible for verifying the authenticity of the identity or address
of the client
f. As per Prevention of Money-laundering Act (PMLA), 2002 every reporting entity shall within
three days after the commencement of an account-based relationship with a client, should file
the electronic copy of the client’s KYC records with the Central KYC Records Registry.

5. How to upload KYC on CKYCR

The data captured as per the common KYC template is to be uploaded on the Central KYC portal along
with the scanned copy of the supporting documents (PoI/PoA). For an individual record, the signature
and photograph is to be uploaded as per the specifications mentioned under the operating guidelines.

Once CKYC is complete for a client, he/she is allotted a 14-digit unique KYC identification number (KIN)
which needs to be quoted by the client while initiating any account-based relation with any FI. Client
will receive E-Mail/SMS from CERSAI with the KIN and a copy of the CKYCR form (a sample format is
shown below). In absence of client’s e-mail/SMS no communication will be done by CERSAI and client
will have to approach the FI to get that information.

Sample CKYCR report

A client can self-report his KYC information to CERSAI through this form.

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6. Training and further information

For training, testing environment and detailed operating guidelines check the details here.

Contact details of the Central KYC Registry Helpdesk:

Phone: 022-61102592
Email: [email protected]