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Banks must obtain sufficient identification data to verify the identity of the customer, his address / location, and also his recent photograph. For customers that are legal persons or entities, the bank should: verify the legal status of the legal person or entity. The financial services industry is also facing other emerging challenges, some of which are those related to money laundering and terrorist financing.
Banks must obtain sufficient identification data to verify the identity of the customer, his address / location, and also his recent photograph. For customers that are legal persons or entities, the bank should: verify the legal status of the legal person or entity. The financial services industry is also facing other emerging challenges, some of which are those related to money laundering and terrorist financing.
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Banks must obtain sufficient identification data to verify the identity of the customer, his address / location, and also his recent photograph. For customers that are legal persons or entities, the bank should: verify the legal status of the legal person or entity. The financial services industry is also facing other emerging challenges, some of which are those related to money laundering and terrorist financing.
Copyright:
Attribution Non-Commercial (BY-NC)
Formati disponibili
Scarica in formato DOC, PDF, TXT o leggi online su Scribd
For customers that are natural persons, the banks must
obtain sufficient identification data to verify the identity of the customer, his address / location, and also his recent photograph. For customers that are legal persons or entities, the bank should: • Verify the legal status of the legal person or entity through proper and significant documents • Verify that any person declaring to act on behalf of the legal person entity is so authorized and identify and verify the identity of that person • To understand the ownership and control structure of the customer and find out who are the natural persons who ultimately control the legal person.
The Officer’s pen…
Client-centricity and customer relationship management
(CRM) are seen as key elements in the modern company’s pursuit of competitive advantage. Consequently, many companies have spent vast sums acquiring and instituting CRM tools across their organizations. This is particularly the case in the financial services industry, which is at the forefront of these developments.
However, the financial services industry is also facing
other emerging challenges, some of the most significant of which are those related to the many new regulations concerning money laundering (AML) and terrorist financing. This has forced financial services institutions to pay particular attention to their know- your-client (KYC) procedures.
“While on the one side you have to do due diligence
before opening the account, on the other side there is a large group of customers who are being left out because of the strict rules,” KYC requirements have always been in place and Banks have been taking KYC documents in accordance with the guidelines issued by RBI from time to time. RBI has revisited the KYC guidelines in the context of the recommendations made by the Financial Action Task Force (FATF) on Anti Money Laundering Measures and Combating Financing of Terrorism and enhanced the KYC Standards in line with international benchmarks.
Staff verdict:
“We have always co-operated with customers to perform the
required obligations towards KYC and the customers are also making an effort to help us upto the extent possible.”
“There are people who are coming with the identification
proofs after we make them understand the need of this document but there are others who are adamant to not to perform the required obligatory issues and prefer to close the bank account with us.”
It’s a two way task and we seek help from customers to
provide them uninterrupted service.
“It is unfortunate that in the Indian financial sector,
the quality of customer service is directly dependent on who you are and who you know. The common Person has to reconcile to this brutal fact.” A bank client