Central KYC Processing

CKYC refers to Central KYC (Know Your Customer), an initiative of the Government of India. The aim of this initiative is to have a structure in place which allows investors to complete their KYC only once before interacting with various entities across the financial sector.

CKYC is a Central KY Registry maintained by Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) wherein different Financial Institutions (FI’s) under regulators like RBI, IRDA, SEBI, and PFRDA to upload KYC details on CKYC portal.

In this process of CKYC, end customer of a Financial Institution will be provided with a 14 digit CKYC number which will be unique across the industry.

Why CKYC?

• To bring uniformity in the information of a person in the financial sector
• To avoid duplication of work at back-office
• To get the latest and updated information about the customer
• To avoid manipulation of minor account
• To prevent operating of accounts of a deceased person.

WRITER Approach to CKYC Processing

We at Writer Information provide an “End to End Approach” to customers CKYC requirement. This is a compliance requirement and applicable across financial institutions.

The process flow looks like:

• Check for Existing CKYC with CERSAI
• Digitization of documents at client premises or Writer facilities
• CKYC workflow:
  
  • Auto Import of Customer Data
  • Auto Cropping of POI and POA
  • Auto capture of customer demographics
  • Auto-verification of customer information
  • Exception Management
  • MIS and Reports
• CERSAI Upload and Co-ordination
• CKYC number shared with the customer
• Storage