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Sound Mind Leads To Safe Banking
Sound Mind Leads To Safe Banking
Sound Mind Leads To Safe Banking
What is KYC?
KYC (Know Your Customer) is a framework
Objectives of KYC
To enable the Bank to identification of its relationship have positive
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.
MONEY LAUNDERING
Effect on Customers
For prevention of opening of accounts in false identities, Banks have to ask for proof of customers 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 customers identity, if the respective documents are not obtained.
What proof of identity will you need? (Contd.) Documents used for Identity only for individuals: Pan card ID card of reputed employers Documents used for Address only for individuals : Salary Slip Electricity Bill Telephone Bill Ration Card