Customer

Practices of Know Your Customer (KYC) Norms in hopeing Sector Practices in banks before perceptiveness of Kyc Origin of KYC concept Practices in banks after entry of kyc ( manikin by phase fraud if it has interpreted place improvement in kyc) Annexure kyc requirements nether the four heads for item-by-item (for Indian and for NRI) , sole proprietor, spliff account, confederation firms, public throttle companies, trusts, and HUF Category| Sub sept| various(prenominal) | Resident Indian| | Non resident Indian| Non Individual| adorn of sole proprietor send off firms| | Partnership firms| | Public limit companies| | Trusts| | HUF| Practices in banks before introduction of Kyc Origin of KYC concept The main point was individuality threat and indistinguishability fraud when it was introduced in of late 1990s in linked States. After 9/11 attack, the US govt. turned real strict to restrict property clean and terrorist financing and on the whole 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 effective for the banking sector. RBI issued its first measure on kyc norms in sixteenth August 2002 containing guidelines on kyc norms and cash legal proceeding.

The tonality points of this circular is as follows: | | | Guidelines for New Accounts(In this regard, a pen to a report on AML guidelines for banks, is made strengthening Kyc norms with AML way and overly suggesting formats for customer profile, a/c opening procedures, informatory angle of dip of wary activities etc; prep bed by a working classify practise up by IBA, is made).| design is two surface i.e. 1. ensuring customer acknowledgement and 2. Monitoring transactions of suspicious individualality| Customer identification is by the documents provided by the customer (or) earlier reference through existing account bearer (or) person known to the bank. When documents are not available verification...If you loss to take a dependable essay, order it on our website: Ordercustompaper.com

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