WHAT IS CENTRAL KYC REGISTRY?
This agency keeps KYC records of all customers in the financial sector which can be used by intuitions like mutual funds, stock brokers, insurance firms, banks and SEBI registered Investment Advisers to verify and download KYC data. Since the records are stored digitally, it helps intuitions de-duplicate data so that they don’t need do KYC of customers multiple times. It helps institutions find out if the client is KYC compliant based on Aadhaar, PAN and other identity proofs. If the KYC details are updated on this platform by one entity, all other institutions get a real time update. Thus, the platform helps firms cut down costs substantially by avoiding multiplicity of registration and data upkeep. The KYC data uploaded on the platform will be de-duplicated on the basis of the demographics (customer name, maiden name, gender, date of birth, mothers name, father/spouse name, addresses, mobile number, email id, etc.) Institutions need to upload the common KYC template along with the scanned copy of the certified supporting documents (PoI/PoA), cropped signature and photograph.
THE ADVANTAGES OF THE C-EDGE C-KYC ARE
1.Centralized source of information
- Quick retrieval of documents, information and data
- Enhanced, fast and flexible search on documents and data
- Controlled and easy document distribution
2.Improved security
- Administratively controlled access to data & information
- Disaster recovery
3.Cost-effectiveness
- Reduced document storage costs
- ROI within a year
4.Smoothen internal processes
- Smoothen internal operations and communications
- Easy administration of information and data
- Preserved intellectual capital
5.Maximized customer satisfaction
- Easier and fasted access to customer-related data
- Faster and more effective customer service
