RBI KYC Policy - 2018-2019 StudyChaCha

Go Back   2018-2019 StudyChaCha > StudyChaCha Discussion Forum > Exams

Old May 2nd, 2012, 12:46 PM
tandel keval.d
Posts: n/a
Default RBI KYC Policy

Sir I want to know about the Reserve Bank of India Kyc Policy so please can you give me the information about the policy and provide me the terms and conditions of the policy?
Reply With Quote
Old May 2nd, 2012, 04:53 PM
Sashwat's Avatar
Super Moderator
Join Date: Jun 2011
Posts: 35,928
Default Re: RBI KYC Policy

You want to know about Reserve Bank of India Know your Costumer policy so I have complete information about KYC in pdf format and I am attaching this pdf file for you. You are free to download file.

Answered By StudyChaCha Member
Reply With Quote
Sponsored Links

Old March 11th, 2014, 02:45 PM
Sashwat's Avatar
Super Moderator
Join Date: Jun 2011
Posts: 35,928
Default Re: RBI KYC Policy

The objective of KYC is to prevent banks from being used, intentionally or unintentionally, by the criminal elements for money laundering activities. This helps them manage their risks prudently.

Banks usually frame their KYC policies incorporating the following four key elements:

Monitoring of Transactions
Risk management
Customer Acceptance Policy
Customer Identification Procedures

For purposes of a KYC policy, a Customer may be defined as:
• A person that maintains an account and/or has a business relationship with the bank
• One on whose behalf account is maintained.
• Beneficiaries of transactions conducted by professional intermediaries, such as Stock Brokers, Chartered Accountants, Solicitors etc. as permitted under the law
• Any person or entity connected with a financial transaction which can pose significant reputation or other risks to bank, say, a wire transfer or issue of a high value demand draft as a single transaction.

KYC controls typically include following:
• Collection & analysis of basic identity information (referred to in US regulations & practice a "Customer Identification Program" or CIP)
• Name matching against lists of known parties
• Determination of customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
• Creation of an expectation of a customer's transactional behavior
• Monitoring of a customer's transactions against their expected behaviour & recorded profile as well as that of the customer's peers
Answered By StudyChaCha Member
Reply With Quote
Other Discussions related to this topic
RBI Credit Policy
SJSU Admission Policy
Coal India CSR Policy
What is the Fiscal Policy Institute
BVS School Admission Policy
Top Public Policy Schools
Youth Policy Institute Ca
RBI Monetary Policy PPT
RBI credit policy 16 dec
CPS School Uniform Policy
MGH Institute for Health Policy
The Economic Policy Institute (EPI)
Institute Health Policy
IIM Udaipur admission policy
RVC Admissions Policy
UIUC Admission Policy
Economic policy institute ATT
UCL Admissions policy
RBI Monetary Policy

Have a Facebook Account? Ask your Question Here


Forum Jump

All times are GMT +6.5. The time now is 10:01 PM.

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2018, vBulletin Solutions, Inc.
Search Engine Friendly URLs by vBSEO 3.6.0 PL2

1 2 3 4 5 6 7 8 9