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Do you know About KYC
KYC means “Know Your Customer”. It is a process by which banks obtain information about the identity and address of the customers.
This process helps to ensure that banks’ services are not misused. The KYC procedure is to be completed by the banks while opening accounts and also periodically update the same.
To open a bank account, one needs to submit a ‘proof of identity and proof of address’ together with a recent photograph.
KYC Means??
KYC MEANS : CUSTOMER? Who maintains an Account,Establishesh Business relationships, on whose behalf Account is maintained, Beneficiary of accounts maintained by intermediaries, And one who carries potential risk through one off transaction. YOUR ?? Who Should Know??
Branch manager, Audit Officer, monitoring officials,POKNOW??What You Should Know??
True identity And beneficial ownership of the accountsPermanent address, registered, & Administrative address
Banks are required to periodically update KYC records. This is a part of their ongoing due diligence on bank accounts. The periodicity of such updation would vary from account to account or categories of accounts depending on the bank’s perception of risk. Periodical updation of records also helps prevent frauds in customer accounts. In such cases maintaining history of all the documents submitted becomes a tedious job. It is even more challenging to search specific documents when in need.
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