What are the basic requirements of KYC?
KYC process includes ID card verification, face verification, document verification such as utility bills as proof of address, and biometric verification. Banks must comply with KYC regulations and anti-money laundering regulations to limit fraud. KYC compliance responsibility rests with the banks.
What are the norms of KYC?
KYC or know your customer is a process that individuals need to complete before they purchase any kind of financial product such as a mutual fund, insurance policy, stock or even before they can open a bank account. It involves verification of the individual’s identity, address and other key details.
What are the four key elements of a KYC policy?
The Company has framed its KYC policy incorporating the following four key elements: (i) Customer Acceptance Policy; (ii) Customer Identification Procedures; (iii) Monitoring of Transactions/ On-going Due Diligence; and (iv) Risk Management.
What is the list of KYC documents?
LIST OF OFFICIALLY VALID KYC DOCUMENTS
- Voter ID Card.
- Passport.
- Driving License.
- NREGA Job Card & Others.
- Letter issued by National Population Register containing details of name, address.
- UID (Aadhaar), provided authenticated using e-KYC mode (Biometric or OTP based) or Offline verification**
Which document is not acceptable for KYC norms?
GENERAL KNOWLEDGE. The document which is not acceptable for fulfillment of KYC Norms is Income Certificate. What is an Income Certificate? A document issued by the government which states the per annual income of a person from all the sources is known as income certificate.
What are KYC documents?
Essentially, the meaning of KYC is to establish an individual’s identity and address through relevant supporting documents, including photo IDs (for example, PAN card, Aadhar card), In-Person Verification (IPV) and proof of address.
What is relaxed KYC?
IDBI Bank’s Small Account (Relaxed KYC) is a savings account that can be used by anyone as it is elementary in its approach. Also, the account has the feature of Zero Balance account so that banking is completely inclusive. Bank.
What kind of documents do you need for KYC?
Opening bank account, mutual fund account, bank locker, online investing in the mutual fund or gold your KYC should be updated with bank. Here is a list of documents that can be submitted as proof of identity and address. Passport. Driving Licence. Voters’ Identity Card. PAN Card.
Why is it important to know KYC norms?
KYC Norms. This is in the interest of customers to keep safe their hard earned money and their reputation. At the time of opening an account Bank has to ensure that the prospective customer is the person who he/she claims to be. This is to prevent fraudsters using the name address and forged signature of others for doing fraudulent transactions;
What does KYC stand for in banking category?
KYC stands for “Know Your Customer”. Thus, all documents which are required to establish identity of an individual are called KYC documents. Generally an identity proof with photograph and an address proof are the two basic mandatory KYC documents that are required to establish one’s identity at the time of opening of savings bank account,…
Is it mandatory to have KYC in India?
KYC Norms. Reserve Bank of India has advised banks to make the Know Your Customer (KYC) procedures mandatory while opening and operating the accounts. This is in the interest of customers to keep safe their hard earned money and their reputation.
