Review Paper- Study on Central Know Your Customer (CKYC)

Review Paper- Study on Central Know Your Customer (CKYC)

Miss Arati Gadhave1, Prof. Megha M. Bhogawar2

1Student of Master of Management Studies, Alamuri Ratamala Institute of Engineering and Technology, Mumbai University, 1994arati@gmail.com

2 Associate Professor, MMS Department, Alamuri Ratamala Institute of Engineering and Technology, Mumbai University, mmsho.armiet@gmail.com

ABSTRACT –
To Know Your Customer (CKYC) Policy is introduced in financial industry to prevent the Bank from being used by criminal elements for money laundering activities and to understand the customer and their financial dealings to manage their risks prudently. Know your customer policies are very important for identity theft fraud, Anti money laundering and terrorist financing. In order to reduce the risk of identity fraud document forgery and have paperless KYC verification UIDAI has launched its E-KYC service. In order to help investors and customers CKYC is introduced by Government of India in Feb 2017. Government of India has authorized a central Registry of Securitization of Asset Reconstruction and Security Interest of India (CERSAI) to act as, and perform the function of CKYC.

KEYWORDS – Unified Customer Number, Block chain in KYC, Increase Global KYC Standard, Maintain Secrecy, Know your customer.