India: RBI extends KYC requirements to housing finance companies
The Reserve Bank of India ('RBI') published, on 19 May 2020, a statement announcing that it was extending its Know Your Customer Direction, 2016 ('the KYC Direction') to housing finance companies. In particular, the RBI noted that the KYC Direction consolidates requirements on KYC, anti-money laundering, combating the financing of terrorism ('AML/CFT') and is applicable to all regulated entities of the RBI, which now include housing finance companies. In addition, the RBI noted that all instructions, guidelines, and regulations contained in certain circulars ('the Circulars') issued by the National Housing Bank stand repealed.
You can read the press release and access the Circulars here.