Director KYC

Director KYC" refers to the process of conducting Know Your Customer (KYC) checks specifically on the directors of a company. This process is essential for financial institutions and businesses to verify the identities of company directors, assess their potential risks, and ensure compliance with regulatory requirements. Director KYC typically involves gathering and verifying information such as personal identification, residential address, professional background, and any potential conflicts of interest. By conducting thorough Director KYC, organizations can mitigate the risks associated with money laundering, fraud, and other illicit activities, ultimately promoting transparency and trust in business transactions.

DIR-3 KYC on MCA - Online Application for KYC of Directors

DIN stands for Director Identification Number. It is a unique identification number allotted to a person who wants to be a director or an existing director of a company. All directors with a valid or expired DIN need to submit their KYC details on the MCA portal annually in eForm DIR-3 KYC.

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Who is required to file DIR-3 KYC Form?

As per the Ministry of Corporate Affairs announcement, any person who has been allotted “Director Identification Number (DIN/DPIN)” on or before 31st March 2018 and the status of such DIN is ‘Approved’, needs to file eForm DIR-3 KYC to update KYC details on the MCA portal on or before 5th October 2018. This procedure is mandatory for disqualified directors too.

From the Financial Year 2019-20 onwards, it is mandatory for every director who has been allotted a DIN on or before the end of the financial year and whose DIN status is ‘Approved’, will have to file eForm DIR-3 KYC before 30th September the immediately next financial year.

For example, for the financial year 2020-21, the directors or partners who were allotted DIN or DPIN by 31st March 2021 are required to file the DIR-3 KYC form before 30th September 2021.

Requirements for filing eForm DIR-3 KYC

  1. The digital signature of the director is required for filing eForm
  2. director’s email address and phone number are required while filing the form, which will be verified by an OTP.
  3. DIN holder and a practicing professional (CA CS/ CMA) certifying the form are the two signatories required in form DIR-3 KYC
  4. Certification & declaration by a practicing professional like a chartered accountant, Company Secretary or Cost and Management Accountant

Documents required for filing DIR-3 KYC

  1. PAN Card (Proof of identity)
  2. Aadhar Card (Proof of Residency)
  3. Passport (in case of foreign national)
  4. Personal mobile number and email address
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