One of the biggest pain points in mutual fund investing has been the KYC or Know your Customer. Most likely you have gone through it. I have certainly.
From just a plain application in a physical to a mandatory In Person Verification or IPV. Then came along, in 2015, FATCA and Additional KYC details.
The worst is you need a KYC with every new service provider including a bank, mutual fund, insurance company, etc. I always wondered why can’t the system use just one KYC. This time probably the policy makers heard it and decided to make financial lives easier.
So, a new initiative called the Central KYC Registry was started in July/August 2016. Now, all KYCs across financial services have to sit in this Central KYC Registry.