BACKGROUND VERIFICATION

JOHN DOE

12 MIN READ
19 AUG 21

Background Verification Challenges in Insurance Industry | Are they at Risk

The RBI has put an end to the ‘on-premise vs. cloud’ debate for video KYC deployment. In its latest clarification, the RBI has explicitly allowed the use of video KYC solutions hosted on the virtual private clouds.

“It is clarified that our requirement of ‘technology infrastructure should be housed in own premises of the RE’, does not imply that regulated entities (REs) including banks may not use the cloud deployment model.

However, it shall be ensured that the ownership of data in such a model rests with the RE only and all the data including video recording is transferred to the RE’s exclusively owned/ leased server(s) including cloud server.”

Background: Amendments introduced on 10th May 2021

Back in May 2021, the RBI announced landmark changes to the extant KYC norms. These changes meant that video KYC, or V-CIP, could now be used to:

Complete the re-KYC process of banking customers
Convert limited KYC to full KYC accounts
Onboard non-individual entities, such as SMEs and businesses
Along with unlocking new use cases, RBI also introduced some changes to the V-CIP process and issued new instructions on the V-CIP/technology infrastructure.

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