FinMin permits 22 finance cos to undertake Aadhaar-based verification of clients

 

The Finance Ministry has allowed 22 financial companies, including Amazon Pay (India) and Hero FinCorp, to undertake Aadhaar-based authentication of clients. The ministry, through a notification, said these 22 companies, which are already reporting entities under the PMLA, will be able to verify the identity of clients and beneficial owners' details using their Aadhaar numbers.

These 22 financial companies include Godrej Finance, Amazon Pay (India) Pvt Ltd, Aditya Birla Housing Finance,  ..

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"Accordingly, the CG has notified a list of 22 financial institutions/intermediaries, which are permitted to use Aadhaar authentication to verify the identity of clients/ beneficial owners," Jhunjhunwala said.

The other modes of verification prescribed under the Money Laundering Act include offline verification under the Aadhaar Act, use of a passport and any other officially valid document or modes of identification as may be notified by the central government, and the client has a volu ..

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