This Master Circular consolidates all the guidelines issued by Reserve Bank of India on KYC/AML/CFT norms up to June 30, 2008. RBI ordered all the banks to make the customer accounts KYC compliant by 31st December 2005. i.
KYC procedures also enable banks/FIs to know/understand their customers and their financial dealings better and manage their risks prudently. 29. KYC is an acronym for “Know your Customer”, a term used for customer identification process. The objective of KYC/AML/CFT guidelines is to prevent banks/FIs from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities. Reserve Bank of India has issued regulatory guidelines on Know Your Customer (KYC) norms / Anti Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT) from time to time. RBI has always stressed on strict compliance of these guidelines and several big banks like Bank of Maharashtra, Dena Bank and the Oriental Bank of Commerce faced heavy penalties (1.5 crore each) for violation and non-compliance of certain KYC regulations and Anti Money Laundering (AML) norms. 2. in case there is a variance in KYC/AML standards prescribed by the Reserve Bank of India and the host country regulators, branches/ subsidiaries of REs are required to adopt the more stringent regulation of the two. Read on to know how the RBI has introduced KYC norms that make it easier to open an account. Money Laundering measures were originally introduced by? Know Your Customer (KYC) Norms and Anti Money Laundering (AML) 1. Applicability (a) The provisions of KYC Policy guidelines shall apply to all the branches / offices of the Bank. IIBF Sample question for AML / KYC Indian Institute of Banking & Finance .

Adherence to KYC/AML Guidelines while opening & conducting accounts of MLM Companies (f) A declaration to the effect that proper policy framework on KYC / AML / CFT, in accordance with the guidelines issued by Reserve Bank of India, Department of Banking Regulation, Central Office as referred to in their ‘Master Direction – Know Your Customer (KYC) Direction, 2016’ and other Indian banks have always been notorious for seeking a lot of documentation for a simple process. (AML) Standards / Combating of Financing of terrorism (CFT) Measures / Obligation of the Bank under Prevention of Money Laundering Act (PMLA), 2002 shall be called as Know Your Customer (KYC) Policy, 2020. This Master Circular consolidates all the guidelines issued by Reserve Bank of India on KYC/AML/CFT norms up to June 30, 2008. 4. Accordingly, Magma has in place Board approved Anti Money Laundering Policy and KYC Norms (the Policy). guidelines, the same shall be brought to the notice of the Reserve Bank of India. In the year 2002, RBI introduced the KYC guidelines under section 35A of the Banking Regulation Act, 1949 and Rule 7 of Prevention of Money-laundering rules, 2005 (Amended). The Reserve Bank of India has issued comprehensive guidelines on Know Your Customer (KYC) norms and Anti-Money Laundering (AML) standards and has advised all NBFCs to ensure that a proper policy framework on KYC and AML measures be formulated and put in place with the approval of the Board. 2.1 Customer. ii. The Reserve Bank of India has issued comprehensive guidelines on ‘Know Your Customer’ (KYC) norms and Anti-money Laundering (AML) standards and has advised all Non-Banking Financial Companies (NBFCs) to ensure that a proper policy framework on KYC and AML measures be formulated and put in place with the approval of the Board. This KYC Policy is applicable to all branches/offices of the Company and is to be read in conjunction with related operational guidelines issued from time to time. This Policy includes KYC procedures also enable banks/FIs to know/understand their customers and their financial dealings better and manage their risks prudently. Based on the experience gained over the past years, the Policy is proposed to be reviewed and improved keeping in view the Master Circular on the subject issued by RBI on 1 July 2014, the revised guidelines vide circular no RBI/2014- The know your customer or know your client (KYC) guidelines in financial services requires that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship.The procedures fit within the broader scope of a bank's Anti-Money Laundering (AML) policy.
Know Your Customer Procedures PREFACE Money Laundering is the process of concealing financial transactions to make illegitimate money, derived from illegal activities such as embezzlement/ corruption/ illegal gambling/ terrorism/ organized crime, …


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