Whether the pro­file is con­sis­tent and the in­for­ma­tion is cor­rect.

Solitaire - - GJEPC NEWS -

They also check with ex­ter­nal data­bases for things like whether you’re on black­lists. If that’s clear, the pro­file is okayed and given a per­ma­nent ID. Ef­fec­tively, ev­ery com­pany in the industry will get a per­ma­nent ID. If you want to do busi­ness with a coun­ter­party who is also in the sys­tem, then you send a re­quest to that coun­ter­party us­ing their code, and if they ac­cept the code then both are linked and can see each other’s KYC in­for­ma­tion be­cause that party also needs to do a KYS or Know Your Sup­plier. So you can al­ways say that KYC stands for Know Your Coun­ter­party. Once you’re ac­ti­vated there is still one more step to com­plete, which is you need to take the phys­i­cal doc­u­ment, sign it, and have it ver­i­fied with your industry body.

Do com­pa­nies have any reser­va­tions about MyKYCBank? Are they hes­i­tant to join in?

I don’t think the com­pa­nies are hes­i­tant. Some of the larger com­pa­nies have mul­ti­ple struc­tures etc., for them some of th­ese things are new, so they may take a lit­tle while in get­ting all the in­for­ma­tion. I don’t think there will be more than a very small frac­tion which will be hes­i­tant, be­cause the industry, at least in In­dia, is straight­for­ward. In places where you have mul­ti­ple lay­ers and struc­tures, there might be some hes­i­ta­tion from those com­pa­nies. But again, it is some­thing which is the law of the land; most com­pa­nies are go­ing in for this, so it’s some­thing they will have to do at some point in time. To­day, you have Xerox copies, faxes or scans of pass­ports, etc. which are trad­ing hands; in­stead of that, this process of shar­ing in­for­ma­tion will be done in a se­cure fashion on MyKYCBank. Once in the web­site, at any point in time you can see a two-page doc­u­ment which is a pro­file of the coun­ter­party. You can send a re­quest to see back­ground doc­u­ments which have been col­lected; once the coun­ter­party ac­cepts it, they will be emailed to you.

How long does the regis­tra­tion process take?

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.