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Shell Companies Crackdown: Government to make KYC in Companies Mandatory
January 11, 2019
Taking another major step towards the identification of shell companies, the Ministry of Corporate Affairs (MCA) has decided to introduce a know your customer (KYC) framework for firms across the country. This will make it mandatory for companies to share details of their upper-level management employees and key executives including chartered accounts, company secretaries, etc.
The MCA had introduced the KYC process for the directors of registered firms last year. However, so far only 1.6 million of the 3.3 million directors who have Director Identification Numbers have completed the process.
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