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Finshots Daily
KYC is getting a makeover. But why?
Feb 26, 2024
The podcast explores the evolution of KYC regulations, the impact of Adar on businesses like FinTechs, and the challenges faced by digital entities. It highlights the significance of KYC in combating financial crimes and the need for streamlining KYC processes in the industry.
07:47
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Quick takeaways
- KYC regulations evolved to combat financial crimes, with stricter rules post 9/11 attacks.
- FinTechs in India adapted with partial KYC methods to overcome Adar limitations.
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Evolution of KYC Regulations
KYC regulations evolved over time to combat financial crimes like terrorist funding and money laundering. Initially, identity proofs weren't stringent, allowing for potential misuse. Inspired by events like the 9/11 attacks, the RBI in India implemented strict KYC rules by 2005. The introduction of Adar in 2010 simplified KYC processes, reducing verification costs significantly. However, concerns over privacy issues and misuse of customer data led to stricter regulations, impacting financial institutions.
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Discover
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