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What is Minor KYC

This presentation explains Minor KYC in a complete, neutral formatu2014covering the purpose, regulatory expectations, documents required for both minor & guardian, digital verification flow, technical components, risk management approaches, and data-privacy safeguards.<br>

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What is Minor KYC

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  1. Minor KYC: A Complete Overview of Guardian-Based Digital Identity Verification Sub-text: Understanding . Process, Requirements, Compliance & Use Cases

  2. What is Minor KYC? • Definition of Minor KYC, minor's inability to do KYC, guardian's role, responsible account handling, use cases in banking, finance, etc.

  3. Why Minor KYC is Required Reasons for Minor KYC • identity & age, guardian verification, regulatory compliance • fraud prevention, transparency & accountability

  4. Regulatory Framework Mandatory guardian involvement, proof of age, full guardian KYC, relationship proof, re-KYC at 18, compliance with RBI, SEBI, AMFI.

  5. Documents Required List of documents required for Minor (Aadhaar, Birth Certificate, Passport, School ID) and Guardian (Aadhaar, PAN, Passport, Address, Relationship Proof, Consent).

  6. Digital Minor KYC Workflow • Step-by-step workflow • Guardian initiates, Guardian KYC, Minor documents upload, Relationship evidence • Consent capture, Facial verification, Review, Approval

  7. Identity Verification Components • Technical components like OCR • Face Match (Minor vs Document, Guardian) • Liveness Detection, Aadhaar authentication • Cross-validation, Risk scoring

  8. Key Use Cases • Applications of Minor KYC across various sectors: banking, mutual funds, insurance, finance apps, digital wallets, neo banking, stock accounts, ed-tech.

  9. Challenges in Minor KYC • Common difficulties like missing/low-quality documents, guardianship disputes, face-match limits for young minors, non-standard documents, need for manual intervention.

  10. Risk & Fraud Mitigation • Strategies to mitigate risks • Multi-document cross-verification • Guardian identity validation • Timestamped consent collection • Liveness checks, Secure storage of PII, Audit trails, Periodic review

  11. Data Privacy & Protection Stricter controls for minors' sensitive data • essential information collection only, data encryption • RBAC, clear retention/deletion policies, logging for audits, and explicit guardian consent.

  12. Mandatory process at 18, notification to user/guardian, adult KYC collection, update of account roles/permissions, freezing high-risk transactions, and its trail. • Re-Designation at Age 18

  13. Best Practices for Organisations Best practices: Clear instructions, pre-onboarding document explanation, real-time validation, sample photos, separate workflows for minor/adult, manual review for edge cases, and compliance team training.

  14. Thank You! • Let’s keep in touch. • Reach out for any questions or clarifications. • sales@meon.co.in • https://meon.co.in/

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