Opening Bank account gets easier; address may be different in Aadhaar card

The government on Wednesday (November 13, 2019) amended the anti-money laundering rules to allow people to use Aadhaar for identification and yet use the current address different from the address as per the Aadhaar document.
In the direction of prevention of Money Laundering (maintenance of records) Rules 2005, in rule 9, after sub-rule 18, the following line has been added “Where a client has provided his Aadhar number for identification under clause (a) of sub-rule (4) and wants to provide current address, different from the address as per the identity information available in Central Identities Data Repository, he may give a self- declaration to that effect to reporting authority.
The amendment is aimed at making it easier to allow people who have used the biometric identification document for various KYC purposes, and to give an address different from the address in current records on a self-declaration basis. Now onwards the prospective customers of the bank can provide the current address with self- declaration instead of any other documentary proof for the purpose of opening bank accounts.
The demand for self-declaration has been there for quite a long time from people in various sectors. This amendment will be a great help to migrant workers who have the address of their native place in Aadhaar but want a bank account with their current address where they are living for work. This amendment obviates the problem of officials producing validated rent agreements and other such documents to register a change of address when transferred from one place to another and take up a new residence. The new rule also help those people who have residential address in Aadhaar card and wanted to give work address as current address. There are also many cases where people may have their permanent address in Aadhaar and want to give a more functional address for KYC purposes.