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Nomination
IS KYC MANDATORY ?
Yes. It is a regulatory and legal requirement.
Regulatory :
In terms of the guidelines issued by the Reserve Bank of India (RBI) on 29th November,2004 on Know Your Customer (KYC) Standards and Anti Money Laundering (AML) Measures, all banks are required to put in place a comprehensive policy framework covering KYC Standards and AML Measures.
Legal :
The Prevention of Money Laundering Act,2002 (PMLA) which came into force from 1st July,2005 also requires Banks, Financial Institutions and Intermediaries to ensure that they follow certain minimum standards of KYC and AML, as laid down in the Act and the ‘rules’ framed there under.
APPLICATION OF KYC
KYC will be carried out at the following stages:
  • Opening a new account.
  • Opening a subsequent account where documents as per current KYC standards have not been submitted while opening the initial account.
  • Opening a Locker facility where these documents are not available with the bank for all the Locker facility holders.
  • When the bank feels it necessary to obtain additional information from existing customers based on conduct of the account.
  • When there are changes to signatories, mandate holders, beneficial owners etc. KYC will also be carried out in respect of non-account holders approaching the bank for high value one-off transactions.
THE CONTACT PERSON IN THE BANK FOR KYC PURPOSES:
The contact person in the Bank will be the Branch Manager or the Officer who opens the account and who is in touch with the customer for the transactions in the account.
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