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Old May 2nd, 2012, 11:46 AM
tandel keval.d
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?
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Old May 2nd, 2012, 03:53 PM
Sashwat's Avatar
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Join Date: Jun 2011
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.

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Old March 11th, 2014, 01:45 PM
Sashwat's Avatar
Super Moderator
Join Date: Jun 2011
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
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