Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: form 3cd :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: TDS :: empanelment :: articles on VAT and GST in India :: list of goods taxed at 4% :: cpt :: VAT RATES :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS
 
 
« Latest Circulars »
  RBI releases Handbook of Statistics on Indian States 2016-17
  RBI amends Banking Ombudsman Scheme: Includes Complaints relating to Misselling and Mobile/ Electronic Banking
 RBI releases Handbook of Statistics on Indian States 2016-17
 RBI amends Banking Ombudsman Scheme: Includes Complaints relating to Misselling and Mobile/ Electronic Banking
 Recording of Details of Transactions in Passbook/ Statement of Account
 Exclusion of β€œThe Royal Bank of Scotland N.V.” from the Second Schedule to the Reserve Bank of India Act, 1934
 Monitoring of Foreign Investment under PIS in Indian Companies- Removal from Ban List - FIIs/RPIs : M/s IDFC Limited
 FIIs/FPIs can now invest 24 to 49 per cent under PIS in M/s Satin Creditcare Network Limited
  Bankers & SME Borrowers: The Emerging Mantras (Shri S. S. Mundra, Deputy Governor – June 16, 2017 – at the 3rd Bankers Borrowers Business Summit organized by ASSOCHAM in New Delhi1)
 RBI extends Directions issued to Navodaya Urban Co-operative Bank Ltd, Nagpur, Maharashtra
 Developments in India’s Balance of Payments during the Fourth Quarter (January-March) of 2016-17

RBI-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 Obligation of banks Client Due Diligence measures - UCBs
September, 17th 2014

RBI/2014-15/232
UBD. BPD (PCB). Cir.No.15/14.01.062/2014-15

September 16, 2014

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

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 Obligation of banks – Client Due Diligence measures - UCBs

 

Please refer to paragraph 2 of our Master Circular UBD.BPD(PCB)MC.No.16/12.05.001/ 2014-15 July 1, 2014, as per which banks are required to:

  1. Undertake client due diligence measures while commencing an account-based relationship. Such measures include identifying and verifying the customer and beneficial owner on the basis of reliable and independent information and data or documentation. 

  2. Apply client due diligence measures to existing clients at an interval of two/eight/ten years in respect of high/medium/low risk clients respectively.

  3. Carry out ongoing due diligence of existing clients in order to ensure that their transactions are consistent with the bank’s knowledge of the client, his business and risk profile and where necessary, the source of funds.

  4. Obtain ‘positive confirmation’ at two/three years in respect of medium and low risk customers respectively.

2. Taking into account the feedback received in this regard and keeping in view the provisions of the PML Rules, the matter has been reviewed. Accordingly, it is advised that while the requirements of client due diligence measures applied when establishing an account-based relationship and on-going due diligence would continue as indicated at paragraph 1(i) to 1(iii) above, it has been decided to dispense with the requirement of ‘positive confirmation’ as indicated at paragraph 1(iv) above.

3. Further, the requirement of applying client due diligence measures to existing clients at an interval of two/eight/ten years in respect of high/medium/low risk clients respectively, would also continue taking into account whether and when client due diligence measures have previously been undertaken and the adequacy of data obtained. Physical presence of the clients may, however, not be insisted upon at the time of such periodic updations.

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

Yours faithfully

(Suma Varma)
Chief General Manager

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions