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Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT) / Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 Clarification on Proof of Address
June, 13th 2014

RBI/2013-14/641
RPCD.RRB.RCB.AML.BC.No.111/07.51.018/2013-14

June 12, 2014

The Chairmen/CEOs 
All Regional Rural Banks (RRBs) and
State/Central Cooperative Banks (StCBs/CCBs)

Madam/Dear Sir,

Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT) / Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 – Clarification on Proof of Address

Please refer to our circulars RPCD.CO.RRB.RCB.AML.No.6097/7.51.018/2012-13 dated December 13, 2012 andRPCD.RRB.RCB.BC.No.63/07.51.018/2012-13 dated January 30, 2013 on Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT) / Obligation of Banks under Prevention of Money Laundering Act (PMLA), 2002 and Annex-II of our circulars RPCD.No.RRB.BC.81/03.05.33(E)/2004-05 andRPCD.AML.BC.No.80/07.40.00/2004-05 both dated February 18, 2005 regarding requirement of ‘proof of address’ while opening a bank account by individuals.

2. Reserve Bank of India has been receiving representations/references from various quarters especially migrant workers, transferred employees, etc., regarding problems faced in submitting a proof of current/permanent address while opening a bank account. The matter has since been examined in the light of amendment to the Prevention of Money Laundering Rules (Maintenance of Records), 2005, and accordingly, it has been decided to simplify the requirement of submission of ‘proof of address’ as follows:

a) Henceforth, customers may submit only one documentary proof of address (either current or permanent) while opening a bank account or while undergoing periodic updation. In case the address mentioned as per ‘proof of address’ undergoes a change, fresh proof of address may be submitted to the branch within a period of six months.

b) In case the proof of address furnished by the customer is not the local address or address where the customer is currently residing, the RRB/StCB/CCB may take a declaration of the local address on which all correspondence will be made by the bank with the customer. No proof is required to be submitted for such address for correspondence / local address. This address may be verified by the bank through ‘positive confirmation’ such as acknowledgment of receipt of (i) letter, cheque books, ATM cards; (ii) telephonic conversation; (iii) visits; etc. In the event of change in this address due to relocation or any other reason, customers may intimate the new address for correspondence to the RRB/StCB/CCB within two weeks of such a change.

3. RRBs and StCBs/CCBs may revise their KYC policy in the light of the above instructions and ensure strict adherence to the same.

4. The Principal Officer may acknowledge receipt of this circular to our Regional Office concerned.

Yours faithfully,

(A. Udgata)
Principal Chief General Manager

 
 
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