OVD for address verification of Individuals under IFSCA (AML/CFT and KYC) Guidelines, 2022

The International Financial Services Centres Authority (IFSCA) has issued a detailed guideline (IFSCA (AML, CFT and KYC) Guidelines, 2022) around anti-money laundering and combating of terrorism financing, laying down the AML/CFT measures, including the “Know Your Customer” process the IFSCA regulated entities must follow. The KYC process includes obtaining information about the customer’s address and verifying the same using reliable, independent sources. In this context, the guidelines prescribe a list of documents acceptable as Officially Valid Documents (OVD) for address verification.

The regulated entities must ensure that the address details mentioned in the KYC form match the OVD shared by the customer for address verification.

Here is an infographic capturing the Officially Valid Documents for address verification of resident individuals and the foreign natural person.

AML India is an AML Consultancy firm providing a comprehensive range of AML support to the regulated entities licensed with IFSCA. AML India supports the IFSCA-regulated entities in conducting enterprise-wide risk assessments and developing robust AML/CFT policies, procedures, and controls, including solid customer identification and verification process (Customer Due Diligence).