Important Regulatory Requirement
Submission of - Additional information required under Foreign Account Tax Compliance Act [FATCA], Common Reporting Standards [CRS], UBO Declaration & Supplementary KYC information
The following disclosures have now become mandatory.
AMFI through its circulars dated September 18, 2015 directed the AMCs to adhere to the following requirements from November 1, 2015:
- All new investors to provide additional KYC details - Income slab, Occupation, Net worth, Politically Exposed Status, etc.,
- All new non-Individual investors to provide the Ultimate Beneficial Ownership (UBO) details
- All investors to submit FATCA/CRS declaration while opening account from 1st November 2015 and also for all the new accounts opened after 1st July 2014 to 31st October 2015
Similarly, from 1st January 2016 all Mutual Funds have been advised to make it mandatory for existing investors to:
- Provide additional KYC details as mentioned above in order to make additional purchases (including switch) in their MF accounts
- Provide missing details and complete IPV (In-Person Verification) for all CVL-MF cases (This is mandatory where KYC is done before January 2012). To check this visit https://www.cvlkra.com/ and click KYC inquiry.
- Update the Ultimate Beneficial Ownership (UBO) details in their existing accounts. (This is for non-individual investors)
You are advised to visit the following links to update your status requirements ONLINE. Please note it is required for each individual investor including the joint holders.