Transcription of 'Know Your Customer' (KYC) Guidelines – Anti Money ...
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'Know Your Customer' (KYC) Guidelines – Anti Money ...
RBI-2004-05 November 29, 2004 The Chief Executives of All Commercial BanksDear Sir,'Know Your Customer' (KYC) Guidelines Anti Money Laundering StandardsPlease refer to our circular DBOD. No. dated August 16, 2002on the Guidelines on 'Know Your Customer' norms. Banks were advised to follow certaincustomer identification procedure for opening of accounts and monitoring transactions of asuspicious nature for the purpose of reporting it to appropriate authority. These Know YourCustomer Guidelines have been revisited in the context of the Recommendations made by theFinancial Action Task Force (FATF) on Anti Money Laundering (AML) standards and onCombating Financing of Terrorism (CFT).
having close family shareholding or beneficial ownership, (e) firms with 'sleeping partners', (f) politically exposed persons (PEPs) of foreign origin, (g) non-face to face customers, and (h) those with dubious reputation as per public information available, etc.
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