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KYC

KYC

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Published by Subhadeep Patra

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Published by: Subhadeep Patra on Aug 13, 2011
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08/13/2011

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KNOW YOUR CUSTOMER [KYC] / Customer Due Diligence [CDD] Norms

1 .Know Your Customer ‡ Purpose ‡ To prevent money laundering and combating of financing in terrorism under PML Act-2002 and CFT ‡ Deposits are classified under three categories ‡ (1) Monthly average balance below Rs.50000/It includes ‡ ‡ (A) (i) All types of accounts opened in their name ‡ (ii)Accounts opened in the name of minor(s) as guardian (B) (i) All types of certificates in their name ‡ (ii) Certificates purchased in the name of minor(s) as guardian PPT 5.1.

50.1 ‡ (3) Monthly average balance above Rs10 lakhs ‡ ‡ .10 lakhs ‡ ‡ between (A) (i) All types of accounts opened in their name ‡ (ii)Accounts opened in the name of minor(s) as guardian (B) (i) All types of certificates in their name ‡ (ii) Certificates purchased in the name of minor(s) as guardian (A) (i) All types of accounts opened in their name ‡ (ii)Accounts opened in the name of minor(s) as guardian (B) (i) All types of certificates in their name ‡ (ii) Certificates purchased in the name of minor(s) as guardian PPT 5.1.000/.and Rs.Know Your Customer ‡ (2) Monthly average balance Rs.

Current Electricity Bill. Electoral Photo ID. Ration Card. Bank / PO Passbook. Driving License.Documents for opening of A/c Category Recent Photograph Category-1 Required Documents required for opening A/C Identity Proof Address Proof Source of Fund Physical Verification of address Not Required Copy of PAN card.1. Passport.1 . Electoral photo ID. ID from Central / State Govt.e. Current Telephone Bill or letter from any recognized authority PPT 5. or PSU Copy of the Not any of the Required documents i.

Bank / PO Passbook. Current Electricity Bill. Passport.Documents for opening of A/c Category Recent Photograph Category-2 Required Documents required for opening A/C Identity Proof Address Proof Source of Fund Physical Verification of address Not Required Copy of PAN card and copy of any one of the documents like Electoral photo ID. Electoral Photo ID. Ration Card.1 . ID from Central / State Govt. Driving License.e. or PSU Copy of the Not any of the Required documents i. Current Telephone Bill PPT 5.1.

Electoral Photo ID. Driving License. Bank / PO Passbook. Passport. Current Electricity Bill.e. Also followed in case of Transfer of A/c from other office Copy of PAN card and copy of any one of the documents like Electoral photo ID.1 . ID from Central / State Govt. Current Telephone Bill Source of Fund Copy of document proving source from which funds received Physical Verification of address Address should be verified from State Govt/ Gram Panchayat / Postman of that area before opening A/c.Documents for opening of A/c Category Recent Photograph Category-3 Required Documents required for opening A/C Identity Proof Address Proof Copy of the any of the documents i. Ration Card.1. or PSU PPT 5.

1. One copy attested and pasted on A/c opening form or application for purchase.I Identity and Address Proof A/C opening form or purchase application Attached with A/c Kept in guard file duly opening form or attested by PM / APM / purchase SPM and preserved for application 10 years after close of A/c or discharge of certificate PPT 5.1 . second attested and pasted in the passbook or certificate. third pasted in the Register maintained as per Rule-37(1) of POSB Man. Vol.Record Keeping Category Documents required for opening A/C Recent Photograph Category-1 3 copies taken.

I Identity and Address Proof A/C opening form or purchase application Attached with A/c Kept in guard file duly opening form or attested by PM / APM / purchase SPM and preserved for application 10 years after close of A/c or discharge of certificate PPT 5. third pasted in the Register maintained as per Rule___of POSB Man.1 .Record Keeping Category Documents required for opening A/C Recent Photograph Category-2 3 copies taken.1. Vol. One copy attested and pasted on A/c opening form or application for purchase. second attested and pasted in the passbook or certificate.

address proof and Source of funds attached with A/c opening form or purchase application.Record Keeping Category Documents required for opening A/C Recent Photograph Identity. third pasted in the Register PPT 5. One copy attested and pasted on SB-3 or application for purchase.1 .1. Address and Source of funds proof Copy of ID proof. second attested and pasted in the passbook or certificate. Address proof should have a remark Address Physically Verified with full dated signatures of verifying authority A/C opening form or purchase application Kept in guard file duly attested by PM / APM / SPM and preserved for 10 years after close of A/c or discharge of certificate Category-3 3 copies taken.

50.or above b. The above list should be sent to Head of Division on monthly basis on 3rd working day of the subsequent month c.000/.1.1 . In charge of PO will prepare LoT (Deposit/Issue/Withdrawal/Discharge) in accounts and certificates and certificates involving amount of Rs.50.Method of Monitoring of Transactions ‡ All transactions of deposit or withdrawal of Rs.000 or above a. Head of Division will send post office-wise list of such transactions of his division to the head of circle by 5th working day of the subsequent month PPT 5.

Head of the Circle will send the consolidated post office-wise list of such transactions to the Principal Officer at Directorate PPT 5.000 or above d.1 .1.50.Method of Monitoring of Transactions ‡ All transactions of deposit or withdrawal of Rs.

1.10 lakh occurred in the name of same person in an account / certificate in a month a.10 lakh and above in a single account / certificate or if such transaction with total amount above Rs. The channel of submission of such report will remain the same but list of such transaction is to be submitted on the next working day to the Divisional Head / Head of Circle / Principal Officer PPT 5.1 .Method of Monitoring of Transactions ‡ Any transaction (Deposit/withdrawal/Issue/Discharge) of account or certificate with amount of Rs.

If any suspicion during CDD/KYC. the account should not be opened or certificate should not be issued and customer details should immediately be reported through the same channel PPT 5. All suspected transactions should be reported through the same channel immediately with full details of the customer.Method of Monitoring of Transactions ‡ Suspected transaction where there is any doubt about linkage of the transaction with any terrorist outfit or where there is any suspicion about completing the CDD a.1 .1.

or above.000/.1.Instructions for existing account /certificate holders Types of precautionary measures to be taken CDD / KYC Detailed procedure If difference in signature of depositor / holder at the time of payment of a transaction of Rs. full CDD/KYC documents should be taken as prescribed for category-1 for the new account / certificate holders Same procedure as prescribed for new account / certificate holders In case of existing account / certificate holders also.50. the reporting procedure as prescribed for new account / certificate holders will be followed In case of any suspected transaction of an existing account / certificate holder.1 . report should immediately be sent through the same channel as prescribed for new account / certificate holder Record Keeping Reporting Suspected transaction PPT 5.

1. Customer Identification file is maintained assigning a serial No.1 .Know Your Customer ‡ If customer submits Form-60 or 61 in duplicate while opening an A/c or purchasing a certificate. he is not required to furnish documents again while opening another new account or purchase certificates ‡ For such customers. ‡ Details of all investments made in same post office are kept in the file PPT 5. copy of PAN should not be insisted ‡ Copy of declaration sent to Income Tax Officer of the concerned area once in a month ‡ If the existing depositor or holder has already given KYC documents.

1 .1.Know Your Customer ‡ The Customer Identification file is kept in the custody of Supervisor / APM / PM ‡ CIN number should be noted on the passbook or certificate by the Postmaster for further reference ‡ The GDS BPM / SPM should prepare a register of such depositor s or holders and while attending post office for opening of new account or purchase of certificate. the details of such investments should be noted ‡ CDD/KYC documents are also required for suspicious accounts opened for money laundering or terrorist financing PPT 5.

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