Standard Chartered Bank KYC
 

Can you provide me the details regarding Know Your Customer - KYC facility offered by Standard Chartered Bank? Also tell me about the stages when KYC will be carried out?

Re: Standard Chartered Bank KYC
 

Know Your Customer - KYC facility offered by Standard Chartered Bank enable to know/ understand the customers and the financial dealings to be able to serve them better and manage its risks prudently.

KYC is required to establish the identity of the client i. e. identifying the customer and verifying one’s identity by using reliable, independent source documents, data or information.

For individuals, bank obtains identification data to verify the identity of the customer, one’s address/ location and also recent photograph.

KYC is done for the joint holders and mandate holders as well. For non-individuals, bank obtains identification data to:

Verify the legal status of the legal person/ entity
Verify identity of the authorized signatories and
Verify identity of the beneficial owners/ controllers of the account

To ensure that sufficient information is obtained on the nature of employment/ business that the customer does / expects to undertake and the purpose of the account

KYC is carried out at the following stages:

Opening a new account
Opening a subsequent account where documents as per current KYC standards not been submitted while opening the initial account

Opening a Locker Facility where these documents are not available with the bank for all the Locker facility holders. When the bank feels it necessary to obtain additional information from existing customers based on conduct of the account when there are changes to signatories, mandate holders, beneficial owners etc.

KYC will also be carried out in respect of non-account holders approaching the bank for high value one-off transactions.

The Bank is entitled to refuse to open the account (if you are a prospective customer) or discontinue its relationship with citing non-providing of KYC information / documents (if one is an existing customer).

It is a regulatory and legal requirement.

Regulatory: In terms of the guidelines issued by the Reserve Bank of India (RBI) on 29th November 2004 on Know Your Customer [KYC] Standards – Anti Money Laundering [AML] Measures, all banks are required to put in place a comprehensive policy framework covering KYC Standards and AML Measures.

Legal:
The Prevention of Money Laundering Act, 2002 (PMLA) which came into force from 1st July, 2005 also requires Banks, Financial Institutions and Intermediaries to ensure that they follow certain minimum standards of KYC and AML as laid down in the Act and the “rules” framed there under.