Customer

Practices of Know Your Customer (KYC) Norms in coin banking Sector Practices in banks to begin with penetration of Kyc lineage of KYC concept Practices in banks after launching of kyc ( manikin by phase fraud if it has taken view 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 kinsfolk| Sub category| various(prenominal) | Resident Indian| | Non resident Indian| Non Individual| fillet of sole proprietor ship firms| | partnership firms| | Public limited companies| | Trusts| | HUF| Practices in banks before introduction of Kyc Origin of KYC concept The main purpose was individuality threat and identity operator fraud when it was introduced in late 1990s in coupled States. After 9/11 attack, the US govt. turned genuinely strict to restrict money clean and terrorist financing and all(a) the regulations 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 customer profile, a/c opening procedures, illust rative angle of dip of fly-by-night activi! ties etc; prep ard by a working classify curry up by IBA, is made).| Objective is two surface i.e. 1. ensuring customer naming and 2. Monitoring transactions of suspicious individualality| Customer identification is by means of 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 full phase of the moon essay, order it on our website: BestEssayCheap.com

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