IRDAI clarifies on Aadhaar based e-KYC authentication facility

IRDAI clarifies on Aadhaar based e-KYC authentication facility

September 7, 2017 Industry Specific 0

In a recent circular dated 31st August, 2017, the Insurance Regulatory and Development Authority of India (‘IRDAI’)  has clarified that the details of  clients can be accessed from Unique Identification Authority of India (‘UIDAI’) with their consent  on a voluntary basis.

In view of the Aadhaar (Authentication) Regulations, 2016, insurers have been authorized to perform verification of clients through “e-KYC authentication facility” by means of biometric authentication and /or One Time password (OTP) received on client’s mobile number or on the e-mail address registered with UlDAl.

Insurers have been further instructed to retain the records of KYC information according to the Prevention of Money Laundering Rules, 2005 as amended from time to time and the guidelines issued by IRDAI.

Source: IRDAI

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