RBI eases KYC norms for money changing activities

Business line-MUMBAI, JAN 2: 

The Reserve Bank of India (RBI) today eased the ’Know Your Customer’ (KYC) norms for money changing activities.

“If the address on the document submitted for identity proof by the prospective customer is same as that declared by him/her, the document may be accepted as a valid proof of both identity and address,” the RBI said.

“This has been done to ease the burden on the pros

pective customers in complying with KYC requirements for doing money changing activities,” it said.

However, a separate proof of address will be required in case the address indicated on the document submitted for identity proof differs from the current address, the RBI said.

Money changers have to adhere to strict KYC (know your customer) norms to check anti-money laundering standards.