What changed
The Ministry of Home Affairs issued a revised UAPA order on February 2, 2021, superseding the March 14, 2019 order. Consequently, RBI amended Sections 52 and 54 of the KYC Master Direction to reflect the new order and added a requirement to check MHA's website for the nodal officer list.
What it means for you
Banks and other regulated entities must update their internal KYC procedures to comply with the latest UAPA order from MHA. The change ensures that entities use the most current government directives for implementing Section 51A of UAPA, including accessing the nodal officer list online.
What you must do
- Update your KYC compliance manual to reference the revised UAPA order dated February 2, 2021, instead of the earlier 2019 order.
- Train staff on the amended Sections 52 and 54 of the KYC Master Direction.
- Access the MHA website to obtain the current list of nodal officers for UAPA-related compliance.
- Ensure meticulous adherence to the revised procedure for implementing Section 51A of UAPA.
Who it affects
All regulated entities under RBI (banks, NBFCs, payment system operators, etc.), KYC compliance teams, AML/CFT officers
What is the key change in this amendment?
The amendment replaces the reference to the March 14, 2019 UAPA order with the revised February 2, 2021 order from MHA, and adds that the list of nodal officers for UAPA is available on MHA's website.
When does this amendment take effect?
The changes come into force with immediate effect from the date of the circular, March 23, 2021.
Do we need to update our KYC policy documents?
Yes, you must update your internal KYC policies and procedures to reflect the revised UAPA order and the new source for the nodal officer list.