Find out what is CKYC, its meaning and how to complete CKYC Registration.
The full form of CKYC is Centralised Know Your Customer. The CKYC registry, as the name suggests, is a centralised repository that has been created to store the KYC records of citizens who are customers in the financial sector. The centralised system has been designed to minimise the requirements for a KYC procedure each time a customer forges a new relationship with a financial office. With a centralised system in place, different financial institutions can access a single KYC to complete the certification process for a new customer. The financial institutions can get this access with the help of a CKYC number.
The CKYC number is a 14-digit code that is provided to you once you complete your CKYC registration. The number is linked to your government identification. Your CKYC details are stored in a secure electronic database.
When you open a bank account or invest in mutual funds, stocks, or other financial market securities, it is necessary to complete a verification process. The verification process cross-checks your identity and registers your information in a database to prevent any misuse of your identity. It also keeps your records in the financial database of an institution. The process of verification is known as the Know Your Customer (KYC) process. Essentially, CKYC is a version of the KYC which aims to use one KYC for all types of financial sector services.
You can follow these steps to complete your CKYC registration
Now that you know what CKYC means, you should register to enjoy the benefits of this centralised system. With DBS Bank, you can complete your KYC on the online DBS Bank application easily by entering your CKYC number.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.