10 Points from RBI regulation to keep in mind while implementing Video-KYC

All you need to know about recent Video KYC regulation by RBI

These regulations applies to all regulated entities i.e. NBFCs, Fintech, Banks and Customer doesn’t need to be present in person for On-boarding.

1. To prevent the fraudulent cases, it is required that both the user and an employee of the regulated entity to be present simultaneously during the session.
2. Location of the Customer to be on-boarded needs to be geotagged to make sure the user is in India during the process.
3. The user must present PAN card AND complete his eKYC (relevant for banks) OR provide his Aadhaar XML. The Aadhaar XML cannot be more than 3 days old. Also if the XML is old they will have fetch it again.
4. RBI is actually encouraging AI based facematch, although it places the accountability for client due diligence entirely with the regulated entity.
5. The V-KYC interaction shall be triggered from the domain of the registered entity, not on 3rd party service provider.
6. Photograph of the Customer must be cross verified with Aadhaar/Pan submitted.
7. Registered Entity shall ensure to redact or blackout the Aadhaar Number (Privacy Purposes).
8. Biggest Benefit as per me, Fintech targeting Tier 2 and Tier 3 can now with the Business Correspondents facilitate the V-CIP even in the remote areas.
9. The official involved in V-KYC must ensure that the interactions are real time not pre-recorded. Facial Liveliness Check should be created in such a way.
10. Video KYC recording must be stored and timestamped for audit purposes.