KYC

Applying for loan: What you must do while handing over your KYC documents

CA, CS, CMA - Why is KYC Needed? Since your KYC is one of the stepping stones when commencing a new financial relationship, it becomes obvious that you must keep all these documents well guarded and make sure they are not easily duplicated. If you let your documents float around the city then you could land in a major mess which could upset all your fu...

Read More

SEBI FAQs on Voluntary Adaption of Aadhar based e-KYC Process

CA, CS, CMA - Whether intermediaries are required to carry out in-person verification (IPV) of the client, if KYC verification of the client is carried out through Aadhaar based e-KYC service offered by UIDAI as per the aforementioned SEBI Circular?...

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Know Your Customer Guidelines – Faqs

CA, CS, CMA - What is KYC? Why is it required? Response: KYC means 'Know Your Customer'. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks’ services are not misused. The KYC procedure is to be completed by the banks while opening accounts and also periodically u...

Read More

ICAI issues mandatory KYC Norms applicable w.e.f 1.1.2017

CA, CS, CMA - Keeping in mind highest standards of Chartered Accountancy profession in India, Council of ICAI thought it necessary to issue such KYC norms to be observed by members of profession who are in practice....

Read More

KYC Norms for Company Secretary in Practice

CA, CS, CMA - 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 p...

Read More

RBI fines 48 banks for violation of KYC, AML norms in six months

CA, CS, CMA - At a time when the government is grappling with the black money menace, the RBI has penalised as many as 48 small banks in just six months, for lapses in implementing customer identification norms and various other violations. In the first six months of 2011, the apex bank has slapped penalties on 48 erring banks , mostly co-operative, a...

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Govt may allow foreign individuals to invest USD 10 bn in Mutual Funds

CA, CS, CMA - India is likely to allow foreign individuals to invest in mutual funds in the next two weeks but with a cumulative cap of USD 10 billion, an official said today. The detailed guidelines are being worked out jointly by the finance ministry, RBI and Sebi. These will be notified by the capital market regulator, the Finance Ministry officia...

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Food Coupons, Prepaid Cards May Come Under RBI Glare

CA, CS, CMA - MEAL vouchers and prepaid cards have come under the regulatory scanner. In an attempt to check possible moneylaundering, Reserve Bank of India (RBI) has proposed that only banks and finance companies be allowed to issue prepaid cards which are accepted outside a closed group. This means that issuers who are neither banks nor finance compa...

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15 Amendments to Master Direction on KYC norms

RBI/2016-17/176 DBR.AML.BC. No. 18/14.01.001/2016-17 - (08/12/2016) - i. Explanation to Section 3(a)(ii)d pertaining to ‘definition of beneficial owner in case of trust’ which reads as - Explanation: Term ‘body of individuals’ includes societies has been deleted....

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RBI revises KYC norms for Bank Account of Proprietary Concerns

RBI/2014-15/532 DCBR.BPD(PCB/RCB)Cir.No.24/14.01.062/2014-15 - (01/04/2015) - The default rule is that any two documents, out of those listed in paragraphs of the Master Circulars mentioned above, should be provided as activity proof by a proprietary concern. However, in cases where the banks are satisfied that it is not possible to furnish two such documents, they would have...

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Accounts of Proprietary Concerns – I-T return of sole proprietor & Utility Bills included in KYC

RBI/2011-12/506 DBOD. AML.BC. No 93 /14.01.001/2011-12 - (17/04/2012) - 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, dul...

Read More

Sebi announces Uniform Know Your Client (KYC) Requirements for the Securities Markets

Circular No. MIRSD/SE/Cir-21/2011 - (05/10/2011) - Capital market regulator Sebi vide CIRCULAR MIRSD/SE/Cir-21/2011 , Dated- October 5, 2011 announces introduction of uniform forms and documents for the purpose of customer identification by different market intermediaries like stock exchanges and mutual funds, a step intended to bring uniformity...

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Operation of bank accounts and money mules

RBI/2010-11/303, DBOD. AML. BC. No. 65/14 .01.001/2010-11 - (07/12/2010) - It has been brought to our notice that “Money mules” can be used to launder the proceeds of fraud schemes (e.g., phishing and identity theft) by criminals who gain illegal access to deposit accounts by recruiting third parties to act as money mules In some cases these third parties may be innoce...

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Recent Posts in "KYC"

ICAI issues mandatory KYC Norms applicable w.e.f 1.1.2017

Keeping in mind highest standards of Chartered Accountancy profession in India, Council of ICAI thought it necessary to issue such KYC norms to be observed by members of profession who are in practice....

Read More
Posted Under: Fema / RBI | ,

15 Amendments to Master Direction on KYC norms

RBI/2016-17/176 DBR.AML.BC. No. 18/14.01.001/2016-17 (08/12/2016)

i. Explanation to Section 3(a)(ii)d pertaining to ‘definition of beneficial owner in case of trust’ which reads as - Explanation: Term ‘body of individuals’ includes societies has been deleted....

Read More

Applying for loan: What you must do while handing over your KYC documents

Why is KYC Needed? Since your KYC is one of the stepping stones when commencing a new financial relationship, it becomes obvious that you must keep all these documents well guarded and make sure they are not easily duplicated. If you let your documents float around the city then you could land in a major mess which could upset all your fu...

Read More
Posted Under: Fema / RBI |

SEBI FAQs on Voluntary Adaption of Aadhar based e-KYC Process

Whether intermediaries are required to carry out in-person verification (IPV) of the client, if KYC verification of the client is carried out through Aadhaar based e-KYC service offered by UIDAI as per the aforementioned SEBI Circular?...

Read More
Posted Under: Fema / RBI |

RBI revises KYC norms for Bank Account of Proprietary Concerns

RBI/2014-15/532 DCBR.BPD(PCB/RCB)Cir.No.24/14.01.062/2014-15 (01/04/2015)

The default rule is that any two documents, out of those listed in paragraphs of the Master Circulars mentioned above, should be provided as activity proof by a proprietary concern. However, in cases where the banks are satisfied that it is not possible to furnish two such documents, they would have the discretion to accept only one of th...

Read More

Know Your Customer Guidelines – Faqs

What is KYC? Why is it required? Response: KYC means 'Know Your Customer'. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks’ services are not misused. The KYC procedure is to be completed by the banks while opening accounts and also periodically u...

Read More
Posted Under: Fema / RBI |

KYC Norms for Company Secretary in Practice

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 p...

Read More
Posted Under: Fema / RBI |

Accounts of Proprietary Concerns – I-T return of sole proprietor & Utility Bills included in KYC

RBI/2011-12/506 DBOD. AML.BC. No 93 /14.01.001/2011-12 (17/04/2012)

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 Inc...

Read More

Sebi announces Uniform Know Your Client (KYC) Requirements for the Securities Markets

Circular No. MIRSD/SE/Cir-21/2011 (05/10/2011)

Capital market regulator Sebi vide CIRCULAR MIRSD/SE/Cir-21/2011 , Dated- October 5, 2011 announces introduction of uniform forms and documents for the purpose of customer identification by different market intermediaries like stock exchanges and mutual funds, a step intended to bring uniformity to the process. The new rule will be ef...

Read More

RBI fines 48 banks for violation of KYC, AML norms in six months

At a time when the government is grappling with the black money menace, the RBI has penalised as many as 48 small banks in just six months, for lapses in implementing customer identification norms and various other violations. In the first six months of 2011, the apex bank has slapped penalties on 48 erring banks , mostly co-operative, a...

Read More
Posted Under: Fema / RBI |
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