Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 20 JUNE 2023

Amendment To The Master Direction On KYC

CMS INDUSLAW
Explore more from CMS INDUSLAW

On April 28, 2023, the Reserve Bank of India ("RBI") amended the Master Direction on Know Your Customer dated February 25, 2016 ("KYC MD")...

IndiaMedia, Telecoms, IT, Entertainment
Shreya Suri
Shreya Suri
Sruthi Srinivasan
Sruthi Srinivasan
Nikhil Vijayanambi
Nikhil Vijayanambi
Author LinkedIn connections

  1. INTRODUCTION

On April 28, 2023, the Reserve Bank of India ("RBI") amended the Master Direction on Know Your Customer dated February 25, 2016 ("KYC MD")1, which regulates the customer due diligence process undertaken by entities regulated by the RBI ("REs"). The RBI amended the KYC MD in order to: (i) align its instructions with that of the amendments to the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 ("PMLR")2 dated March 7, 2023, (ii) incorporate the instructions of the government under the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005 ("WMD Act")3, (iii) to align the KYC MD with the recommendations of the Financial Action Task Force ("FATF"), and (iv) to further refine the KYC MD basis the RBI's review.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Instagram’s 2026 AI Labelling Rules

Instagram's 2026 policy shift introduces mandatory AI-generated profile labels and penalties for non-disclosure, creating new compliance challenges at the intersection of platform governance and India's statutory framework for synthetically generated information. How do these overlapping regimes affect brands, influencers, and content creators operating in India's digital ecosystem?
IndiaMedia, Telecoms, IT, Entertainment
Global Advertising Lawyers Alliance (GALA)
Global Advertising Lawyers Alliance (GALA)
Article

Telegram Ban In India – The Rise Of Digital Sovereignty

The Delhi High Court's landmark ruling in Telegram FZ LLC v. Union of India addresses whether Section 69A of the IT Act permits the government to block an entire platform rather than specific content. Following the NEET-UG 2026 paper leak scandal, where fraudulent channels circulated fake exam papers affecting millions of aspirants, the court upheld the Centre's power to impose a platform-wide ban on Telegram, sparking intense debate about the boundaries between examination integrity and digital censorship.
IndiaMedia, Telecoms, IT, Entertainment
Hammurabi & Solomon Partners
Hammurabi & Solomon Partners
Article

The Promotion And Regulation Of Online Gaming Act, 2025 And The Promotion And Regulation Of Online Gaming Rules, 2026

The Act, the Rules and the OGAI are therefore simultaneously operational. The prohibition provisions under Chapter III of the Act, the criminal penalties under Chapter V of the Act and the institutional framework under the Rules are all in effect. There is effectively no formal compliance window for core prohibitions and penalties; stakeholders should treat the regime as immediately operational and adjust business models without delay.
IndiaMedia, Telecoms, IT, Entertainment
King, Stubb & Kasiva
King, Stubb & Kasiva
Article

Is Meta Still Just An Intermediary? Why India Is Rethinking Safe Harbour

In mid-September 2026, government sources said Meta Platforms’ Indian operations, Facebook, Instagram and Threads, should no longer be viewed merely as an “internet intermediary” but should also be treated as a “service provider,” arguing that the company’s monetised algorithms actively decide what content gets amplified, distributed and shown to whom. That is a government position, not a new statutory classification, and this article returns to that distinction below.
IndiaMedia, Telecoms, IT, Entertainment
S.S. Rana & Co.
S.S. Rana & Co.