siRerece ae site erred ‘ORIENTAL BANK OF COMMERCE co vem (scovemewr or how hooray srs wife: et 6, tee 92, | Head ofce : Pot No.5 eetearrmife, geria— 122001 | #88. Sector~32,isttutonal Area, Gurgaon 122001 ENTE cr LANNING Cireuer No, HOICS8P/92016-16) 57.0 October 15,2015 ALL BRANCHES / OFFICES Minor's “Attaining Majority-KYC Guidelines (Minor accounts operated by Guardians) A. Backgroun The objective of KYC guidelines is to prevent banks from being used, intentionally or Lnintentionally, by criminal elements for money laundering activites. KYC procedures also enable banks to know/understand their customers and their financial dealings better which in turn help them manage their rks prudently To ensure that the latest details about the customers are available, banks have bee! ‘advised by RBI to periodically update the customer identification data based upon the risk category ofthe customers, All customers of the Bank are required to comply with the Know Your Customer (KYC) guidelines by submitting proof of Identity, proof of address. inctucing recent photographs, Reference is invited to our Circular No. HO/CS8P/19/2014-15/222 dated 23.06 2014 ide which all the branches have been advised to issue a letter, requesting all the minor ‘account holders of the branch who have attained majority and who are going to attain ‘majority within 15 day's and have not yet complied with the KYC guidelines to make their account KY compliant by submitting the KYC documents. It has been observed that the branches are not adnering to the instructions on minor's accounts issued from time totme nors attaining Majority ‘AS per AML directives of Reserve Bank of India, Banks are required to oblain Fresh Photographs from minor customer on becoming major, to get fresh documents pertaining to the account holder (erstwtile mincr), balance confirmation. fresh operating instructions land specimen signature of erstwhile miner Accordingly, all the branches are once again advised to Issue a letter. requesting all the minor account holders of the branch who have attained majority and wno are going to attain majority within 15 days and have not yet complied with the KYC guidelines to make their account KYC compliant by submiting the KYC documents Letter to be sent to the minor customers is avaliable under “CRISMAC>Core > 5 Minor”, those who have attained Majonty or going to attain Majority. The letters should be sent on an ongoing basis to all the mor peta‘customers, fteen days before his attaining majority, through reliable courier/ other reliable means, ‘Branches can extract the detail of Minor's accounts who have attained majority and KYC. Compliance is yet to be completed through menu option in finacle “MISREP>OSS> MBN” All the branches are advised to take note of the above instructions for meticulous Compliance and ensure that Guardians ere not allowed to operate the account after he minor has attained majorty ‘The contents of the circular be got noled from all the staff members and be kept on record, Hindi version ofthe circular shall follow. (Vidyavati Rudra) General Manager