KYC clarification

Dear client,

Yes, a duly executed amendment or addendum can generally rectify an address discrepancy appearing in the principal agreement, particularly where the discrepancy is inadvertent and the correct address is supported by valid and contemporaneous KYC documents. The amendment/addendum should clearly identify the principal agreement, specify the incorrect address, record the correct address and expressly provide that the relevant clause of the principal agreement shall stand amended accordingly, while all other terms remain unchanged. Where the parties' valid KYC documents consistently establish the correct address, the execution of such amendment/addendum and updating of the relevant records can provide a strong documentary basis for explaining and regularising the discrepancy for KYC purposes. However, an amendment/addendum by itself does not automatically cure every statutory or regulatory non-compliance; if any bank, NBFC, insurer, government authority or other regulated entity requires correction of its own records, filings or registrations, those records must also be duly updated. Therefore, the combination of a valid amendment/addendum, authentic KYC documents and necessary updates to statutory/regulatory records would generally be the appropriate manner of addressing the discrepancy and demonstrating compliance.