Customer

Practices of Know Your Customer (KYC) Norms in margining Sector Practices in banks before cleverness of Kyc Origin of KYC concept Practices in banks by and by substructure of kyc ( manikin by phase fraud if it has interpreted place improvement in kyc) Annexure kyc requirements nether the four heads for single (for Indian and for NRI) , sole proprietor, joystick account, confederation firms, public special companies, trusts, and HUF Category| Sub folk| various(prenominal) | Resident Indian| | Non occupier Indian| Non Individual| stopping of sole proprietor enthr whole firms| | Partnership firms| | Public trammel companies| | Trusts| | HUF| Practices in banks before introduction of Kyc Origin of KYC concept The main excogitation was individuality threat and identity fraud when it was introduced in previous(a) 1990s in fall in States. After 9/11 attack, the US govt. turned actually strict to restrict property clean and terrorist financing and all the regulations were finalized by 2002 for KYC. The US has make changes in its major legislations -- Bank Secrecy Act, USA patriot Act, et cetera -- to strain KYC norms really strong for the banking sector. RBI issued its first airman on kyc norms in sixteenth August 2002 containing guidelines on kyc norms and money legal proceeding.

The tonality points of this circular is as follows: | | | Guidelines for New Accounts(In this regard, a university extension to a report on AML guidelines for banks, is made strengthening Kyc norms with AML tension and overly suggesting formats for customer profile, a/c opening procedures, informative angle of dip of queer activities etc; prep ard by a working classify rope up by IBA, is made).| object glass is two surface i.e. 1. ensuring customer appointment and 2. Monitoring transactions of suspicious individualality| Customer identification is finished the documents provided by the customer (or) earlier reference through existing account carrier (or) person known to the bank. When documents are not available verification...If you urgency to take a ample essay, order it on our website: Ordercustompaper.com

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