KYC is an important process in Banks and one of the important document submitted by customer is PAN (Permanent Account Number). It is important to verify the authenticity of PAN submitted by the customer to establish identity of the customer and also for further tax purposes. Some of the banks have established Read more…
KYC or “Know your customer” is a regulatory and legal requirement. KYC is important to prevent identity theft, financial fraud, money laundering and terrorist financing. Every Bank has framed a KYC policy by incorporating the directions of RBI such as Customer Acceptance Policy, Customer Identification Procedures, Monitoring of Transactions and Risk management. The Read more…
RBI has issued fresh FAQs on Know Your Customer (KYC) guidelines. (Updated up to September 02, 2016) (This is a summarised and simplified version of the Reserve Bank of India’s Know Your Customer guidelines.) Q1. What is KYC? Why is it required? Response: KYC means “Know Your Customer”. It is Read more…