Key Points
A standard verification process for customers will be rolled out across the entire financial sector to prevent illegal lending based on online applications, reported news agency Reuters...
The report indicated that the Financial Stability and Development Council (FSDC) held a meeting today and decided that a uniform Know Your Customer or KYC process would be rolled out to verify customers across the financial sector...
The FSDC deliberated on devising a strategy aimed at streamlining and digitising the Know Your Customer (KYC) procedure within the financial sector...
At present, KYC verification processes are different across the broader financial sector, including banks and other financial institutions...
But the FSDC said that the process should be standardised to enable "inter-usability of KYC records across the financial sector"...
