Mandatory KYC Update for All Registered Users
Reference No: LS/2024/KYC/001 | Category: Compliance
Action Required Before 31st March 2024
As per the directives of the Ministry of Labour & Employment and the Reserve Bank of India (RBI) guidelines on Know Your Customer (KYC) norms, all registered users of LabourSeva portal are required to update their KYC details on or before 31st March 2024. Failure to comply may result in temporary suspension of services until verification is completed.
Background
In accordance with the Prevention of Money Laundering Act (PMLA), 2002 and the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016, all financial service providers are mandated to maintain updated KYC records of their customers.
LabourSeva, being a government-authorized fintech service provider under the Ministry of Labour & Employment, is required to ensure 100% KYC compliance for all active user accounts. This exercise is part of the Digital India initiative to ensure secure and transparent delivery of financial services to beneficiaries.
Who Should Update KYC?
Documents Required for KYC Update
| User Category | Mandatory Documents | Additional Documents |
|---|---|---|
| Retail Partner | Aadhaar, PAN, Shop License | GST Registration (if applicable) |
| Distributor | Aadhaar, PAN, Business Registration | TAN, GST Certificate |
| Customer | Aadhaar, PAN | Passport/Driving License/Voter ID |
Step-by-Step KYC Update Process
Login to Your Portal
Access your respective portal (Admin/Retailer/Customer/Distributor) using existing credentials.
Navigate to Profile Section
Click on "My Profile" or "Account Settings" from the dashboard menu.
Select KYC Update
Click on "Update KYC" button. You will be redirected to the secure verification page.
Upload Documents
Upload clear scanned copies (PDF/JPG, max 2MB) of required documents.
Verify via OTP
Complete Aadhaar e-KYC through OTP verification on registered mobile number.
Submit for Approval
Review details and submit. You will receive confirmation within 48 hours.
Consequences of Non-Compliance
- • Temporary suspension of transaction capabilities from 1st April 2024
- • Hold on commission payouts and settlements
- • Restriction on new customer onboarding
- • Monthly penalty of ₹500 for business accounts (as per RBI guidelines)
Need Assistance?
For technical support or queries regarding KYC update, please contact:
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Important Dates
Related Notices
- GST Filing Update for Retailers 15 Jan 2024
- Digital Security Guidelines 2024 10 Jan 2024
- Commission Structure Revision 05 Jan 2024