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RBI-KYC Norms/AML Measures/CFT/ Obligations of banks under PMLA, 2002 Primary (Urban) Co-operative Banks
March, 10th 2013

RBI/2012-13/431
UBD.BPD (PCB) Cir. No. 39/14.01.062/2012-13

March 7, 2013

The Chief Executive Officer of
All Primary (Urban) Co-operative Banks

Madam/Dear Sir,

Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Measures/Combating of Financing of Terrorism (CFT) / Obligations of banks under Prevention of Money Laundering Act (PMLA), 2002 – Primary (Urban) Co-operative Banks

Please refer to our circular UBD.BPD (PCB) Cir. No. 28/14.01.062/2012-13 dated December 19, 2012 on simplification of Know Your Customer (KYC) norms / Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002. With a view to further easing the KYC process for the general public, especially customers who migrate to a new place on account of new job, transfer, etc., it has been decided to effect the following modifications to the existing instructions.

2. Shifting of bank accounts to another centre – Proof of address:

Primary (Urban) Co-operative Banks (UCBs) were advised vide circular UBD.BPD (PCB) Cir. No.3/14.01.062/2012-13 dated July 10, 2012 that KYC once done by one branch of the bank should be valid for transfer of the account within the bank as long as full KYC procedure had been done for the concerned account. The customer should be allowed to transfer his account from one branch to another branch without restrictions. In order to comply with KYC requirements of correct address of the person, fresh address proof has to be obtained from him/her upon such transfer by the transferee branch. However, a large number of customers with transferable jobs or those who migrate for jobs are unable to produce a utility bill or other documents in their name as address proof immediately after relocating. In view of this, it has been decided that:

  1. UCBs may transfer existing accounts at the transferor branch to the transferee branch without insisting on fresh proof of address and on the basis of a self-declaration from the account holder about his/her current address, subject to submitting proof of address within a period of six months.

  2. UCBs may also accept rent agreement duly registered with State Government or similar registration authority indicating the address of the customer, in addition to other documents listed as proof of address in Annex I of our Master Circular on KYC/AML/CFT dated July 2, 2012.

3. UCBs should intimate their customers that in the event of change in address due to relocation or any other reason, they should intimate the new address to the bank within two weeks of such a change. While opening new accounts and while periodically updating KYC data as required in terms of paragraph 2.4 (c) of our Master Circular UBD.BPD. (PCB).MC.No.16/12.05.001/2012-13 dated July 2, 2012, an undertaking to this effect should be obtained. In all these cases customers will have to produce proof of address as mentioned at (a) and (b) above.

4. UCBs may revise their KYC policy in the light of the above instructions and ensure strict adherence to the same.

Yours faithfully,

(A. Udgata)
Chief General Manager-in-Charge

 
 
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