As per the RBI Master Circular on KYC:

• High-risk customers are required to update their information at least once every two years.
• Medium-risk customers should update their information once every eight years.
• Low-risk customers should update their information once every ten years, starting from the account opening date or the last KYC updating.

There are also industry-based and location-based requirements regarding KYC expiration.

Using Sumsub KYT lets you:

• Stay compliant with KYC expiration requirements regardless of the jurisdiction or industry.
• Adjust the KYC-renewal date based on the applicant risk level.
• Keep cooperating with your current KYC provider.

How do I get and use Sumsub KYT to renew applicant KYC?

To monitor your customers’ KYC expiration and inform them about the required renewal:

1. Create a verification level and set it up based on the applicable regulatory requirements.
2. Add the required KYC expiration date. For example, kycExpirationDate to the applicant metadata as your regulation requirement.
3. Create a rule and add the following:
   • Rule condition with the following expression function: diffInDaysFromNowGte(applicant.metadata["kycExpirationDate"], 0).
   • Applicant action: Review applicant -> Change level and select the level you created at Step 1.
4. Click Create rule to save the configuration.