Client Information as well as due diligence on clients has become a necessity for professionals in today’s complex business scenario. Such an exercise can be made possible in a structured way. Many professional bodies today advise their members to have KYC about their clients so that professionals can freely exercise and deliver their professional services in the best suited way.

On a review, it has been decided to include the following documents in the indicative list of required documents for opening accounts of proprietary concern: The complete Income Tax return (not just the acknowledgement) in the name of the sole proprietor where the firm’s income is reflected, duly authenticated/ acknowledged by the Income Tax Authorities. Utility bills such as electricity, water, and landline telephone bills in the name of the proprietary concern.

All the members of Institute of Chartered Accountants of India (ICAI), who are in practice, are hereby informed that the Council has formulated the following Know Your Client Norms (KYC norms) at it’s 307th Meeting held on 13th July, 2011, which shall be recommendatory in nature, and apply only in case of attest function.

Capital market regulator Sebi on Thursday approved a uniform customer identification process for investors in different segments, and also decided to accept Aadhaar or UID as one of the eligible documents for fulfilling the KYC norms.

In the alleged Rs 400-crore fraud by a senior employee at a Gurgaon branch of Citibank, RBI is probing whether there have been any violations of norms related to customer verification and monitoring of accounts. The initial probe by the banking regul

KYC-Compliance: CDSL Ventures (CVL), a wholly-owned subsidiary of Central Depository Services-India (CDSL), has been appointed by the mutual fund industry to do KYC verification of investors. So, an investor needs to submit the following mandatory do

A.P. (DIR Series) Circular No. 28 Authorised Persons (Indian Agents) were advised to take into account risks arising from the deficiencies in AML/CFT regime of certain jurisdictions, as identified in FATF Statement (www.fatf-gafi.org) issued from time to time, while dealing with individuals from these jurisdictions.

KYC Norms/AML Standards/Combating Financing of Terrorism/Obligation of Authorised Persons under PMLA, 2002, as amended by PMLA (Amendment), 2009 – Money Changing Activities RBI/2010-11/321 A.P. (DIR Series) Circular No. 27 A.P. (FL/RL Series) Circular No.08 December 22, 2010 To All Authorized Persons Madam/ Sir Know Your Customer (KYC) norms/ Anti-Money Laundering (AML) standards/ Combating the Financing [...]

KYC Norms/AML Standards/Combating Financing of Terrorism/Obligation of Authorised Persons under PMLA, 2002, as amended by PMLA (Amendment), 2009 – Cross Border Inward Remittance under MTSS RBI/2010-11/320 A.P. (DIR Series) Circular No. 26 A.P. (FL Series) Circular No. 07 December  22, 2010 To, All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme. Madam/ [...]

RBI/2010-11/319 A.P. (DIR Series) Circular No. 25 A.P. (FL/RL Series) Circular No. 06 December 22, 2010 To All Authorized Persons Madam/ Sir Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT)/Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, [...]