ANNOUNCEMENT 10 May 2021
The Indian Central Bank has introduced a data localisation requirement for video-based customer identification process.
NUMBER OF INTERVENTIONS
On 10 May 2021, the Reserve Bank of India through Circular RBI/2021-22/35 DOR.AML.REC.No.15/14.01.001/2021-22 notified an amendment to the Know Your Customer (KYC) Master Direction, 2016. The amendment requires that all data and recordings of Video-based Customer Identification process (V-CIP) shall be stored in India.
V-CIP is a customer identification method with facial recognition and customer due diligence. The new regulation applies to financial institutions that use this kind of recognition system.