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 Guidance Note on Audit of Banks (2024 Edition)

ICAI- Announcement - KYC Norms
August, 04th 2011

No. ICAI/ESB/2011/03

Announcement of KYC Norms

All the members of Institute of Chartered Accountants of India (ICAI), who are in

practice, are hereby informed that the Council has formulated the following

Know Your Client Norms (KYC norms) at its 307th Meeting held on 13th July,

2011, which shall be recommendatory in nature, and apply only in case of attest

function.

KNOW YOUR CLIENT (KYC) NORMS

The financial services industry globally is required to obtain information of their

clients and comply Know Your Client Norms (KYC norms).

Keeping in mind the highest standards of Chartered Accountancy profession in

India, the Council of ICAI thought it necessary to recommend such norms to be

observed by the members of the profession who are in practice.

In light of this background, the Council of ICAI approved the following KYC

Norms. However, these norms are recommendatory in nature and every

Chartered Accountant carrying out attest function is encouraged to follow them.

1. ENTITY INFORMATION

A. GENERAL INFORMATION

Name of the Entity

Type of Entity

Business Description

B. CORPORATE STRUCTURE

Name of ultimate parent company

Name of Parent company

Name of Affiliates

C. REGULATORY INFORMATION

Company PAN No

Company Identification No

Directors Identification No

Directors Names & Addresses

Name(s) and Addresses of Companies, in which above

person is director.

D. ENGAGEMENT INFORMATION

Type of Engagement

2. OTHER INFORMATION

Entities financial Information

Name of the ultimate parent Auditor

Any known violation of any Law/Regulations

This decision shall be in force from 13th July, 2011

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