CKYCR Abbreviation

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Popular abbreviations of CKYCR:

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What does CKYCR mean?

Central KYC Registry, also referred to as CKYCR, is a centralized repository of the KYC data of customers of various financial institutions and also of the KYC data of various institutions in the country.

KYC (Know Your Customer) documents are mandatory to be furnished in India for an individual for various banking and financial services.

KYC documents may include, but are not limited to, Proof Of Identity and Proof of residence.

Mandatory KYC for such services is a precautionary measure by the government, not only for the identification of the customers, but also for better prevention of activities like tax fraud, money laundering, and other financial crimes.

The Central KYC Registry aims at creating a unified ecosystem, wherein the KYC records of customers stored once may be shared with different institutions as per requirement, thus bringing in more efficiency in the KYC process.

The Inter-usability of KYC records and data is a detrimental role of the CKYCR.

Advantages of CKYCR

• It eliminates the hassles of customers in furnishing KYC documents multiple times with respect to multiple banking and financial institutions.
• The Central KYC Registry is also advantageous in terms of improving the ease of doing business for various investors and financial institutions.
• CKYCR would also eliminate the time and resources taken for various different due diligence as only one due diligence would be carried out to confirm the legitimacy of the information provided.
• The Central KYC registry would also be efficient in identifying various types of financial crimes such as money laundering.
• The Central KYC Registry involves the storage of data in electronic form and thus makes the processing of data much more efficient.
• The Central KYC Registry also helps to lower overall costs incurred in the KYC process.CKYCR also saves time which is spent in regular KYC checks by various institutions.

Organization

The Central KYC Registry is an initiative of The Government of India.

The Central KYC Registry is managed by CERSAI (Central Registry of Securitization Asset Reconstruction and Security Interest of India).

CERSAI has been authorized by the Government of India to maintain and manage the Central KYC registry.