Finance Ministry Authorizes 15 Firms for Aadhaar-Based KYC

The finance ministry has authorized 15 securities firms to conduct Aadhaar authentication for their customers. This move, under the Prevention of Money-laundering Act, includes firms like SBICAP Securities, IIFL Securities, and Angel One. The firms are permitted to use Aadhaar-based KYC processes for customer verification.

The finance ministry has recently permitted 15 securities firms to conduct Aadhaar authentication for their customers. This significant authorization includes notable firms such as SBICAP Securities, IIFL Securities, and Angel One.

In line with measures to prevent money laundering, the Revenue Department under the finance ministry issued a notification allowing these entities to utilize Aadhaar-based KYC (Know Your Customer) processes.

Other approved firms encompass JM Financial Services, Arihant Capital Market, SMC Global Securities, and Aditya Birla Money, among others, marking a pivotal step in streamlining customer verification protocols.

(With inputs from agencies.)