Know Your Customer

 Know your customer (KYC) policy is an important step developed globally to prevent
identity theft, financial fraud, money laundering.
 The objectives of KYC is to enable banks to know and understand their customers better
and help them manage their risks prudently.
 While opening different accounts, the bank collects documents to identify and verify the
customer as required under the existing laws to demonstrate that it has performed the
existing KYC procedure.
Following are the guidelines provided by NRB
on KYC
 Customer identification
 Customer acceptance
 Ceiling of cash transactions
 Monitoring of cash transactions
 Risk management
 Monitoring procedures
 Verification of the submitted document
 Prevention of records up to 5 years
 Periodic reporting and loan disclosure
 Submit the transaction to the Nepal Rastra Bank.
Client Account Maintenance

 Proper filing of accounts.

 Keeping proper register of opened account.
 Keeping records of by-product services enjoyed by customer.
 Update kYC forms systematically.
 Report to regulatory in periodic basis regarding the maintained account.
Account Closing

 Account closing is an important task done under customer service department.

 Customer closes their accounts because of many reasons including migration from the
country, shifting the bank due to poor service and other personal problems
Following are the procedures to close an
account:
 Fill up the account closing form
 Submission of closing form
 Closing the account
Following things should be considered while
closing an account:
 Account holder should not have fixed deposit.
 Account holder should be checked to see if s/he has bank loan. s/he close the saving
account only if s/he has current account to pay the loan amount and interest otherwise can’t
close respective account.
 The account can be closed in the following circumstances:
 Closure at customer’s request.
 Closure of account by bank if death of customer or court order.
Thank You!