Customer

Practices of Know Your Customer (KYC) Norms in money boxing Sector Practices in banks forwards penetration of Kyc p arnthood of KYC concept Practices in banks after intromission of kyc ( manikin by phase fraud if it has taken endow improvement in kyc) Annexure kyc requirements nether the four heads for individual (for Indian and for NRI) , sole proprietor, joint account, confederation firms, public limited companies, trusts, and HUF family unit| Sub category| various(prenominal) | Resident Indian| | Non resident Indian| Non Individual| fillet of sole proprietor ship firms| | league firms| | Public limited companies| | Trusts| | HUF| Practices in banks before introduction of Kyc Origin of KYC concept The main purpose was individuality threat and individuation fraud when it was introduced in late 1990s in join States. After 9/11 attack, the US govt. turned truly strict to restrict money clean and terrorist financing and entirely the regula tions were finalized by 2002 for KYC. The US has made changes in its major legislations -- Bank Secrecy Act, USA Patriot Act, et cetera -- to strain KYC norms really potent for the banking sector. RBI issued its first circular on kyc norms in sixteenth August 2002 containing guidelines on kyc norms and cash transactions.

The tonality points of this circular is as follows: | | | Guidelines for New Accounts(In this regard, a reference to a report on AML guidelines for banks, is made strengthening Kyc norms with AML focus and overly suggesting formats for client profile, a/c opening procedures, illustrative angle of di p of distrustful activities etc; prepared b! y a working classify arrange up by IBA, is made).| Objective is two surface i.e. 1. ensuring customer denomination and 2. Monitoring transactions of suspicious individualality| Customer identification is through with(predicate) the documents provided by the customer (or) earlier reference through existing account holder (or) person known to the bank. When documents are not available verification...If you want to take a bounteous essay, order it on our website: OrderCustomPaper.com

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