The Insurance Regulatory and Development Authority of India has directed insurance companies to upload verified Know Your Customer details of existing policyholders to the Central KYC Registry website.
The intention behind the move is to improve transparency and boost the security of financial transactions across various platforms.
The Central Registry will act as a centralised system that covers financial transactions in multiple dimensions of the industry like mutual funds, insurance, banking, pension schemes and more.
Insurance companies are to update their customer records when they receive new information from the central registry.
By adapting this central system, insurers and mutual fund distributors will have an easier onboarding process for their customers. The data in the central system will now be a lot more easier, simplifying the process of onboarding.
The Securities and Exchange Board of India has instructed KYC Registration agencies to synchronise their systems with the Central KYC Records Registry and to start uploading know-your-customer data.
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