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Revision in KYC policy: Submission of documents for change in the name on account of marriage or otherwise


The Government of India has since amended the prevention of money laundering rules 2005, keeping in mind the problems faced by person who change their name due to marriage or otherwise, in submitting ‘officially valid documents’. In rule 2 (1) clause (d) of PML third amendment, an explanation is inserted which reads as under.

“Explanation: For the purpose of this clause, a document shall be deemed as ‘officially valid document’even if there is a change in the name subsequent to its issuance, provided it is supported by a marriage certificate issued by the State Government or a Gazzete notification indicating such change of name.”

As a result of above amendment to PML rules, RBI vide its notification RBI/2015-16/213-DBR. AML.BC. No. 46/14.01.001/2015-16 of October 29, 2015 advised to all Scheduled Commercial Banks/ Regional Rural Banks/ Local Area Banks and all financial institutions (including NBFCs, Primary (Urban) Co-operative Banks,State and Central Co-operative Banks (StCBs / CCBs),all Payment System Providers/ System Participants and Prepaid Payment Instrument Issuers, all authorised persons including those who are agents of Money Transfer Service Scheme)  that  they may accept a copy of marriage certificate issued by the State Government or a Gazzete notification indicating such change of name together with a certified copy of the ‘officially valid document’ in existing name of the person while establishing an account based relationship or while undergoing periodic updation exercise.

Related article: KYC/AML guidelines for opening bank account made simple

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