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2nd January 2016, 09:19 AM
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Join Date: May 2012
Re: Standard chartered KYC status

Know Your Customer - KYC enables banks to know/ understand their customers and their financial dealings to be able to serve them better and manage its risks prudently.

Mandatory of KYC

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

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.

KYC apply

KYC will be 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.

Documents required

(i) Passport

(ii) PAN card

(iii) Voter’s Identity Card

(iv) Driving license

(v) Job card issued by NREGA duly signed by an officer of the State Government

(vi) UIDAI (Aadhaar) Card

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