Customer

Practices of Know Your Customer (KYC) Norms in slanging Sector Practices in banks before penetration of Kyc crease of KYC concept Practices in banks after entree of kyc ( manikin by phase fraud if it has taken spotlight 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 year| Sub category| various(prenominal) | Resident Indian| | Non resident Indian| Non Individual| fillet of sole proprietor ship firms| | confederacy firms| | Public limited companies| | Trusts| | HUF| Practices in banks before introduction of Kyc Origin of KYC concept The main purpose was individuality threat and personal identity fraud when it was introduced in late 1990s in linked States. After 9/11 attack, the US govt. turned very strict to restrict money clean and terrorist financing and each the regulations were fi nalized 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 powerful 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 guest profile, a/c opening procedures, illustrative angle of dip of wary activities etc; prep ared by a work! ing classify stipulate up by IBA, is made).| Objective is two surface i.e. 1. ensuring customer acknowledgment and 2. Monitoring transactions of suspicious individualality| Customer identification is through and through 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 to the full essay, order it on our website: BestEssayCheap.com

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