DBOD.AML.BC. No. 119/14.01.001/2013-14
June 9, 2014
The Chairperson/CEOs of all Scheduled Commercial Banks (Excluding RRBs)/
Local Area Banks / All India Financial Institutions
Dear Sir/ Madam,
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 – Clarification on Proof of Address
Please refer to paragraph 2.4 (h), (i), (j) (l), (m) and Annex I of Reserve Bank’s Master Circular on Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligations under Prevention of Money Laundering Act (PMLA), 2002, issued vide DBOD. AML. BC. No. 24/14.01.001/2013-14 dated July 1, 2013, regarding requirement of ‘proof of address’ while opening a bank account by individuals.
2. Reserve Bank has been receiving representations/references from various quarters’ especially migrant workers, transferred employees, etc. regarding problems faced in submitting a proof of current/permanent address while opening a bank account. The matter has since been examined in the light of amendment to the Prevention of Money Laundering Rules (Maintenance of Records), 2005, and accordingly it has been decided to simplify the requirement of submission of ‘proof of address’ as follows:
3. Banks may revise their KYC policy in the light of the above instructions and ensure strict adherence to the same.
4. Please advise your Principal Officer to acknowledge receipt of this circular letter.
Chief General Manager