KYC | Corporate Law Reporter

SEBI issues changes in Know Your Client (KYC) Requirements in Part 1 of Account Opening Form

CIRCULAR CIR/MIRSD/ 13 /2013 December 26, 2013 1. All Recognized Stock Exchanges 2. Stock Brokers through Recognized Stock Exchanges 3. Depository Participants through Depositories 4. Association of Mutual Funds in India 5. Mutual funds through AMFI 6. Portfolio Managers 7. KYC Registration Agencies (KRAs) 8. Alternative Investment Funds (AIFs) 9. Collective Investment Schemes (CIS) 10.… Read More

Tags: AOF, Collective investment scheme, India, KYC, Mutual fund, Securities & Exchange Board of India, Securities and Exchange Board of India Act 1992, Stock exchange

RBI update w.r.t. ˜At par™ cheque facility extended to Cooperative Banks by Scheduled Commercial Banks

RBI/2013-14/332 UBD.BPD (PCB) Cir. No. 32/14.01.062/2013-14 October 22, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks. Madam / Dear Sir, Know Your Customer (KYC)/Anti Money Laundering (AML) Standards/Combating Financing of Terrorism (CFT)/ Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 ˜At par™ cheque facility extended to Cooperative Banks by Scheduled… Read More

Tags: Bank, cheque, Indian Settlement Systems, Know Your Customer, KYC, Modern Language Association, money laundering, Prevention of Money Laundering Act 2002

RBI Directive w.r.t. Operational Procedure to be followed by UCBs for e-KYC exercise

RBI/203-14/263 UBD.BPD (PCB) Cir. No.15/14.01.062/2013-14 September 17, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks. Madam / Dear Sir, Know Your Customer (KYC) Norms /Anti-Money Laundering (AML) Standards/ Combating Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 e-KYC Service of UIDAI Recognising on-line Aadhaar authentication (electronic verification… Read More

Tags: Aadhaar, Know Your Customer, KYC, money laundering, Phone, Prevention of Money Laundering Act 2002, UIDAI, Unique Identification Authority of India

RBI Clarification w.r.t. KYC Procedure under PMLA – Recognising online Aadhaar authentication

RBI/2013-14/242 RPCD.RRB.RCB.AML.BC.No.32/07.51.018/2013-14 September 10, 2013 The Chairmen / CEOs of all Regional Rural Banks / State and Central Co-operative Banks 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 e-KYC Service of UIDAI Recognising on-line Aadhaar authentication… Read More

Tags: Aadhaar, Bank, Biometrics, KYC, Regional Rural Bank, Terrorism financing, UIDAI, Unique Identification Authority of India

RBI update w.r.t. KYC Procedure for Opening of Bank Accounts for Foreign Students studying in India

RBI/2013-14/237 UBD. BPD (AD). Cir.No. 4/14.01.062/2013-14 September 10, 2013 The Chief Executive Officer All AD Category I Primary (Urban) Co-operative Banks Madam / Dear Sir, Foreign students studying in India KYC procedure for opening of bank accounts Primary (Urban) Cooperative Banks (UCBs) It has been represented to us that foreign students arriving in India are… Read More

Tags: Bank, Bank account, India, International student, Know Your Customer, KYC, NRO, Reserve Bank of India

RBI Clarifications on KYC / AML Standards & Information sought by UCBs from Customers

RBI/2013-14/228 UBD.BPD (PCB) Cir. No. 11/14.01.062/2013-14 September 05, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks. Madam / Dear Sir, Know Your Customer (KYC)/Anti Money Laundering (AML) Standards/Combating Financing of Terrorism (CFT)/ Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 Information sought by banks from customers - Primary (Urban) Co-operative… Read More

Tags: Acute myeloid leukemia, Know Your Customer, KYC, Modern Language Association, money laundering, Prevention of Money Laundering Act 2002, Reserve Bank of India, Terrorism financing

RBI :: Information sought by Banks from Customers under PMLA has to be as per guideline and not intrusive

RBI/2013-14/213 DBOD. AML.BC. No. 50/14.01.001/2013-14 September 3, 2013 The Chairmen / CEOs of all Scheduled Commercial Banks (Excluding RRBs)/ Local Area Banks / All India Financial Institutions Dear Sir, Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002 Information sought by banks from customers… Read More

Tags: Acute myeloid leukemia, Commercial bank, India, Know Your Customer, KYC, Modern Language Association, money laundering, Terrorism financing

RBI clarifications w.r.t. Foreign students studying in India and KYC procedure for opening bank accounts

RBI/2013-14/210 DBOD.AML.BC.No.45/14.01.001/2013-14 September 2, 2013 The Chairmen/CEOs of all Scheduled Commercial Banks (Excluding RRBs)/ Local Area Banks / All India Financial Institutions Dear Sir, Foreign students studying in India KYC procedure for opening of bank accounts It has been represented to us that foreign students arriving in India are facing difficulties in complying with the… Read More

Tags: Bank, Bank account, Commercial bank, India, International student, Know Your Customer, KYC, NRO

RBI Update w.r.t. Recognising on-line Aadhaar authentication to be accepted as an ˜Officially Valid Document™ under PML Rules

RBI/2013-14/209 DBOD.AML.BC.No.44/14.01.001/2013-14 September 2, 2013 The Chairmen / CEOs of all Scheduled Commercial Banks (Excluding RRBs)/Local Area Banks / All India Financial Institutions 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 e-KYC Service of UIDAI Recognising… Read More

Tags: Aadhaar, India, Know Your Customer, KYC, money laundering, Terrorism financing, UIDAI, Unique Identification Authority of India

Simplifying Norms for Periodical Updation of KYC for Urban Cooperative Banks

RBI/2013-14/167 UBD.BPD (PCB) Cir. No. 2 /14.01.062/2013-14 July 31, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir, Know Your Customer (KYC)/Anti Money Laundering (AML) Standards/Combating Financing of Terrorism (CFT)/ Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 Simplifying norms for Periodical Updation of KYC - Primary (Urban) Co-operative… Read More

Tags: Acute myeloid leukemia, anti money laundering, Bank, Know Your Customer, KYC, Modern Language Association, money laundering, Prevention of Money Laundering Act 2002

RRBs/StCBs/DCCBs – Simplifying Norms for Periodical Updation of KYC

RBI/2013-14/161 RPCD.RRB.RCB.BC.No.84/07.51.018/2013-14 July 25, 2013 The Chairmen / CEOs of all Regional Rural Banks / State and Central Co-operative Banks 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 - Simplifying norms for Periodical Updation of KYC… Read More

Tags: Acute myeloid leukemia, AML, Bank, Know Your Customer, KYC, money laundering, Prevention of Money Laundering Act 2002, Terrorism financing

Simplifying norms for Periodical Updation of KYC

RBI/2013-14/150 DBOD.AML.BC. No. 34/14.01.001/2013-14 July 23, 2013 The Chairmen / CEOs of all Scheduled Commercial Banks (Excluding RRBs)/Local Area Banks / All India Financial Institutions 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 - Simplifying norms… Read More

Tags: Bank, Commercial bank, India, Know Your Customer, KYC, money laundering, Terrorism financing

RBI penalises 22 Banks

The Reserve Bank of India has imposed monetary penalty on the following 22 banks for violation of its instructions, among other things, on Know Your Customer/Anti Money Laundering. The details are: Monetary Penalty Sl. No. Name of the bank Penalty Amount (in ` crore) 1 Andhra Bank 2.50 2 Bank of Baroda 3.00 3 Bank of India… Read More

Tags: Andhra Bank, Central Bank of India, India, ING Vysya Bank, Kotak Mahindra Bank, KYC, Reserve Bank of India, The Bank of Tokyo-Mitsubishi UFJ