Module: General Practice
Q40: Which of the following statements regarding periodic KYC updation procedures are correct?
The conditions and limitations (e.g., balance limits) that apply to new accounts opened via Aadhaar OTP e-KYC do not apply when that method is used for periodic updation.
If a 'customer other than an individual' (Legal Entity) reports a change in KYC information, the Regulated Entity (RE) must undertake the full KYC process, equivalent to onboarding a new customer.
As an additional measure during periodic updation, the RE must verify the customer's PAN details, if available, from the database of the issuing authority.
If a 'customer other than an individual' (Legal Entity) reports a change in KYC information, the Regulated Entity (RE) must undertake the full KYC process, equivalent to onboarding a new customer.
As an additional measure during periodic updation, the RE must verify the customer's PAN details, if available, from the database of the issuing authority.
✅ Correct Answer: D
All three statements are correct.
Periodic updation via Aadhaar OTP is not restricted like new accounts.
Legal entities require full KYC if details change.
These nuances are advanced topics in RBI KYC Guidelines MCQs.
Periodic updation via Aadhaar OTP is not restricted like new accounts.
Legal entities require full KYC if details change.
These nuances are advanced topics in RBI KYC Guidelines MCQs.