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KYC guidelines require banks to verify customer identities and monitor transactions to prevent money laundering and criminal activity. Banks must obtain proof of identity, address, and other details from customers when opening accounts or conducting high-value transactions. This includes ID documents like passport, driver's license, and utility bills. Simplified KYC norms apply for small deposit accounts. Banks are also required to report certain large cash transactions to authorities to comply with anti-money laundering laws. Customers should provide the requested identity documents to banks to safely maintain their accounts and comply with regulations.
KYC guidelines require banks to verify customer identities and monitor transactions to prevent money laundering and criminal activity. Banks must obtain proof of identity, address, and other details from customers when opening accounts or conducting high-value transactions. This includes ID documents like passport, driver's license, and utility bills. Simplified KYC norms apply for small deposit accounts. Banks are also required to report certain large cash transactions to authorities to comply with anti-money laundering laws. Customers should provide the requested identity documents to banks to safely maintain their accounts and comply with regulations.
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KYC guidelines require banks to verify customer identities and monitor transactions to prevent money laundering and criminal activity. Banks must obtain proof of identity, address, and other details from customers when opening accounts or conducting high-value transactions. This includes ID documents like passport, driver's license, and utility bills. Simplified KYC norms apply for small deposit accounts. Banks are also required to report certain large cash transactions to authorities to comply with anti-money laundering laws. Customers should provide the requested identity documents to banks to safely maintain their accounts and comply with regulations.
Drepturi de autor:
Attribution Non-Commercial (BY-NC)
Formate disponibile
Descărcați ca PPT, PDF, TXT sau citiți online pe Scribd
for banks which enables them to know / understand the customers and their financial dealings to be able to serve them better.”
All banks have been advised by The Reserve Bank
of India (RBI) to follow certain ‘KYC Guidelines’ Objectives of KYC
To enable the Bank to have positive
identification of its relationship
Is in the interest of customers to safeguard their
hard earned money When does KYC apply?
KYC will be carried out at the following stages:
Opening a new account In respect of accounts where documents as per current KYC standards have not been submitted while opening the initial account Opening a Locker Facility where these documents are not available with the Bank for all the Locker facility holders When the Bank feels it necessary to obtain additional information from existing customers based on conduct of account When there are changes to signatories, mandate holders, beneficial owners etc. For non-account holders approaching the Bank for high value one-off transactions like Drafts, Remittances etc. Proof needed from customers regarding KYC RBI mandates three proofs to be collected from customers:
Photograph
Proof of identity
Proof of address
These are to be submitted by the customer both at the time
of opening of account as well as at the time of change of address. Small Deposit Accounts
Small deposit accounts are those accounts where,
Balance does not exceed Rs. 50,000/- and Annual turnover does not exceed Rs. 1,00,000/-
Simplified KYC norms prescribed for Small Deposit
accounts Customers can open this type of accounts by getting introduced by existing fully KYC compliant account as also attestation of address / photograph by him. Contact Point in Banks for KYC
Contact point for customers in the Bank will be the
Relationship Manager / official who opens the account and is the contact person during transactions MONEY LAUNDERING What is Money Laundering?
Money laundering refers to the conversion of money
illegally obtained to make it appear as if it originated from a legitimate source.
It is being employed by launderers worldwide to conceal
proceeds of criminal activity associated with it, such as drugs / arms trafficking, terrorism and extortion. Effect on Customers
For prevention of opening of accounts in false identities,
Banks have to ask for proof of customer’s identity and address during opening of new accounts Being asked for these documents does not imply that the customers are suspected of money laundering It is a necessity to identify all prospective account holders or customers as anybody including a criminal could falsely use another customer’s identity, if the respective documents are not obtained. What proof of identity will you need? Best identification documents are those issued by a Government authority, having a photograph, address and signature One document can be used to establish both identity and address, else two or more documents will suffice
Some proofs of Identity & Proofs of Identity & Address for
Address for Individuals: companies, Trusts, Firms: Passport Partnership Deed Election ID card Trust Deed Driving License Memorandum & Articles of Voter ID card Association Certificate of Incorporation etc. What proof of identity will you need? (Contd.) Documents used for Documents used for Identity only for Address only for individuals: individuals : Pan card Salary Slip ID card of reputed Electricity Bill employers Telephone Bill Ration Card Prevention of Money Laundering Act (PMLA) 2002 Mandates banks to report certain transactions to the nominating agency under instructions issued by RBI in consultation with the Indian Government and Indian Bank’s Association It specifies that, Demand drafts, mail transfers and travelers cheques for Rs. 50,000/- and above can be issued only by debit to customer’s account or cheque etc, and not against cash payment Demand drafts, mail transfers and travelers cheques for Rs. 50,000/- and above can be paid by banks only by credit to customer’s account or through other banking channels and not cash Help us to Help You
By being patient when a Bank staff asks you to
provide documents to prove your identity / address By maintaining confidentiality of your account details and identity documents
For any further queries, please contact
1800112211 (tollfree from BSNL/MTNL) or 080-26599990.