KYC Know Your Customer , AML Anti Money Laundering,CFT Combating of Financial Terrorism policy guidelines by RBI
KYC Policy -Know Your Customer Policy Guidelines issued by RBI
1.Customer Acceptance Policy (CAP)
2. Customer Identification Procedure (CIP)
“Officially valid document” (OVD):OVD means the passport, the driving licence, the Permanent Account Number (PAN) Card, the Voter's Identity Card issued by the Election Commission of India, job card issued by NREGA duly signed by an officer of the State Government, letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number, or any other document as notified by the Central Government in consultation with the Regulator.
Simplified Measures for Proof of Address:
- the aggregate of all credits in a financial year does not exceed rupees one lakh;
- the aggregate of all withdrawals and transfers in a month does not exceed rupees ten thousand and
- the balance at any point of time does not exceed rupees fifty thousand.
3.Monitoring of TransactionsOngoing monitoring :Ongoing monitoring is an essential element of effective KYC/AML procedures. Banks/FIs should exercise ongoing due diligence with respect to every customer and closely examine the transactions to ensure that they are consistent with the customer’s profile and source of funds as per extant instructions. High risk accounts have to be subjected to more intensified monitoring.
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