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      Question

      What is the main purpose of the Central KYC Records

      Registry (CKYCR) in India?
      A Maintain KYC records only of non-resident clients Correct Answer Incorrect Answer
      B Act as a central system to digitally store and retrieve KYC records of customers for financial institutions Correct Answer Incorrect Answer
      C Monitor suspicious transactions under the PMLA directly Correct Answer Incorrect Answer
      D Conduct periodic audits of regulated entities (REs) for compliance Correct Answer Incorrect Answer
      E Facilitate fund transfers between banks Correct Answer Incorrect Answer

      Solution

      • The Central KYC Records Registry (CKYCR) was established under the Prevention of Money Laundering Act (PMLA), 2002 framework. • Its role is to function as a central repository of KYC records of customers. • It enables “one-time KYC” — once a customer completes KYC with one financial institution, the same information can be shared digitally with other institutions (with proper consent), reducing duplication. • CKYCR thus enhances efficiency, compliance, and financial inclusion.

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