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KYC/AML/CFT Guidelines – Unique Customer Identification Code for banks™ customers in India

RBI/2012-13/515
DBOD. AML.BC. No. 101/14.01.001/2012-13

May 31, 2013

The Chairmen / CEOs of all Scheduled Commercial Banks
(Excluding RRBs)/Local Area Banks / All India Financial Institutions

Dear Sir,

Know Your Customer (KYC)/Anti-Money Laundering (AML)/Combating
of Financing of Terrorism (CFT) Guidelines – Unique Customer
Identification Code (UCIC) for banks™ customers in India

Please refer to our circular DBOD. AML.BC. No.109/14.01.001/2011-12 dated June 08, 2012, on the captioned subject, advising banks to initiate steps for allotting UCIC to all their customers while entering into any new relationships for individual customers to begin with, and to existing individual customers by end-May 2013.

2. Some banks have expressed difficulties in implementing UCIC for its customers, for various reasons, and have sought more time to allot UCIC to their existing account holders. Keeping in view the constraints, the time for completing the process of allotting UCIC to existing customers is extended up to March 31, 2014. We, however, reiterate that UCIC should be allotted to all customers while entering into new relationships.

Yours faithfully,

(Prakash Chandra Sahoo)
Chief General Manager

Tags: Commercial bankIndiaKnow Your CustomerKYCmoney launderingTerrorism financing

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eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

Comments

  1. Why extended date till 31/03/2014 ? RBI has not aware of the fact ?
    CA. Subhash Chandra Podder, FCA
    Kolkata
    02/06/2013

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