e-KYC accepted as valid process for verification: IRDA

e-KYC of UIDAI is acceptable for KYC verification subject to specific consent of the customer to access his data through UIDAI, IRDA says

October 22, 2013 11:16 IST | India Infoline News Service
The Insurance Regulatory and Development Authority (IRDA) said on Monday that the e-KYC (electronic know-your-customer) services operationalised by the Unique Identification Authority of India (UIDAI) will be accepted as valid KYC process for insurance.

Earlier, IRDA had informed insurers that the letter issued by UIDAI containing details of “name, address and Aadhaar number” was considered as officially valid document that may be obtained as part of Customer Identification Procedure, for the purposes of identification.

The UIDAI has operationalized e-KYC services recently. The acceptability of these services for KYC purposes under the Prevention of Money-laundering Rules, was discussed with the Department of Revenue, Ministry of Finance and operational issues were taken up with the insurers.

Now, following confirmation from the Ministry that e-KYC services may be accepted as a valid process for KYC verification under the Prevention of Money-Laundering Rules, it has been decided that e-KYC services of UIDAI is acceptable for KYC verification subject to specific and express consent of the customer to access his/her data through UIDAI system.

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