What Is A Customer?

Role and Importance of KYC 2011
Only one Ruler: CUSTOMERS
What is a customer? A customer (also known as a client, buyer, or purchaser) is usually used to refer to a current or potential buyer or user of the products of an individual or organization, called the supplier, seller, or vendor. This is typically through purchasing or renting goods or services. A person becomes a customer and a contract is created when an account is opened . Who are the customers of a bank? Any person or business wishing to deposit money, or borrow money, or to convert money into a different form of currency, is potentially a customer for a bank.
y y y y y y
Depositing cash Holding accounts Withdrawing cash Use debit or credit cards Foreign Exchange conversions Insurance needs Stock Trading requirements
[Type text]
Page 1

Supervisors around the world are increasingly recognizing the importance of ensuring that their banks have adequate controls and procedures in place so that they know the customers with whom they are dealing. Adequate due diligence on new and existing customers is a key part of these controls. Without this due diligence, banks can become subject to reputational, operational, legal and concentration risks, which can result in significant financial cost.
DIFFERENT TYPES OF CUSTOM Customers play the most significant part in business. In fact the customer is the actual boss in a deal and is responsible for the actually profit for the organization. Customer is the one who uses the products and services and judges the quality of those products and services. Hence its important for an organization to retain customers or make new customers and flourish business. To manage customers, organizations should follow some sort of approaches like segmentation or division of customers into groups because each customer has to be considered valuable and profitable.
Customers can be of following types:

Loyal Customers- These types of customers are less in numbers but promote more sales and profit as compared to other customers as these are the ones which are completely satisfied. These customers revisit the organization over times hence it is crucial to interact and keep in touch with them on a regular basis and invest much time and effort with them. Loyal customers want individual attention and that demands polite and respectful responses from supplier.
V.E.S. College of Arts , Science & Commerce, Chembur Page 2
Discount Customers- Discount customers are also frequent visitors but they are only a part of business when offered with discounts on regular products and brands or they buy only low cost products. More is the discount the more they tend towards buying. These customers are mostly related to small industries or the industries that focus on low or marginal investments on products. Focus on these types of customers is also important as they also promote distinguished part of profit into business
Impulsive Customers- These customers are difficult to convince as they want to do the business in urge or caprice. They dont have any specific item into their product list but urge to buy what they find good and productive at that point of time. Handling these customers is a challenge as they are not particularly looking for a product and want the supplier to display all the useful products they have in their tally in front of them so that they can buy what they like from that display. If impulsive customers are treated accordingly then there is high probability that these customers could be a responsible for high percentage of selling. Need Based Customers- These customers are product specific and only tend to buy items only to which they are habitual or have a specific need for them. These are frequent customers but do not become a part of buying most of the times so it is difficult to satisfy them. These customers should be handled positively by showing them ways and reasons to switch to other similar products and brands and initiating them to buy these. These customers could possibly be lost if not tackled efficiently with positive interaction.
V.E.S. College of Arts , Science & Commerce, Chembur
Page 3

Wandering Customers- These are the least profitable customers as sometimes they themselves are not sure what to buy. These customers are normally new in industry and most of the times visit suppliers only for confirming their needs on products. They investigate features of most prominent products in the market but do not buy any of those or show least interest in buying. To grab such customers they should be properly informed about the various positive features of the products so that they develop a sense of interest. An organization should always focus on loyal customers and should expand or multiply the product range to leverage impulsive customers. For other types of customers strategies should be renovated and enhanced for turning out these customers to satisfy their needs and modify these types of customers to let them fall under loyal and impulsive category.
CUSTOMER RELATION MANAGEMENT

The role of banks in intermediation of financial needs of different classes of customers has undergone significant changes. For the sake of convenience, banks' various roles vis--vis their customers can be broadly categorized as (i) acceptors of deposits (ii) credit providers (ii) providers of payments and remittances services (iv) provider of foreign exchange services (v) facilitators in circulation of currency notes/coins; and instruments. (vi) providers of financial
Page 4
Role and Importance of KYC 2011 BANKS AND CUSTOMERS OVERVIEW

Banks are businesses, although they are a somewhat different form of business than most. Banks hold the same kind of duty and responsibility towards their customers as do other businesses, but then banks owe additional
responsibilities to customers thanks to their status as sometime agents for their customers. Customers, however, in turn, hold responsibility to banks. Customers must pay into their accounts in order to be able to order the bank to pay out of them, which also means that customers are held responsible for the checks which they deposit. The interdependent relationship of customers and banks, then, is important to examine. To a bank a customer is not simply a consumer whose rights should be protected in the act of consuming. To a bank, a customer is a principal who must be represented by the bank as the customer's agent. But banks can change their roles. Whereas most people might think of a bank in this role as an agent acting on behalf of the customer, banks can also assume the role of a creditor, in which they act as parties interested primarily in obtaining funds from debtors to settle debts.
Page 5
Chapter-2
Faithful & Friendly Partner:BANK

What is a Bank?
Finance is the life blood of trade, commerce and industry. Now-a-days, bank money acts as the backbone of modern business. Development of any country mainly depends upon the banking system. The term bank is derived from the French word Banco which means a Bench or Money exchange table. In olden days, European money lenders or money changers used to display (show) coins of different countries in big heaps (quantity) on benches or tables for the purpose of lending or exchanging. A bank is a financial institution which deals with deposits and advances and other related services. It receives money from those who want to save in the form of deposits and it lends money to those who need it.
CHARACTERISTICS / FEATURES OF A BANK

1. Dealing in Money: Bank is a financial institution which deals with other people's money i.e. money given by depositors.
Page 6

2. Individual / Firm / Company: A bank may be a person, firm or a company. A banking company means a company which is in the business of banking.
3.Acceptance of Deposit: A bank accepts money from the people in the form of deposits which are usually repayable on demand or after the expiry of a fixed period. It gives safety to the deposits of its customers. It also acts as a custodian of funds of its customers.
4. Giving Advances: A bank lends out money in the form of loans to those who require it for different purposes.
5. Payment and Withdrawal: A bank provides easy payment and withdrawal facility to its customers in the form of cheques and drafts, It also brings bank money in circulation. This money is in the form of cheques, drafts, etc.
6. Agency and Utility Services: A bank provides various banking facilities to its customers. They include general utility services and agency services.
7. Profit and Service Orientation: A bank is a profit seeking institution having service oriented approach.
8. Ever increasing Functions: Banking is an evolutionary concept. There is continuous expansion and diversification as regards the functions, services and activities of a bank.
Page 7

9. Connecting Link: A bank acts as a connecting link between borrowers and lenders of money. Banks collect money from those who have surplus money and give the same to those who are in need of money.
10. Banking Business: A bank's main activity should be to do business of banking which should not be subsidiary to any other business.
11. Name Identity: A bank should always add the word "bank" to its name to enable people to know that it is a bank and that it is dealing in money.
BANKING REGULATION ACT
RBI has issued the KYC guidelines under Section 35 (A) of the Banking Regulation Act, 1949 and any contravention of the same will attract penalties under the relevant provisions of the Act. Thus, the financial institutions has to be fully compliant with the
provisions of the KYC procedures. The due diligence expected under KYC involves going into the purpose and reasons for opening an account, anticipated turnover in the account, sources of wealth (net worth) of the person opening the account and sources of funds flowing into the account.
Page 8
Chapter-3
A game can go too Far: FRAUD

INTRODUCTION: Since our goal is having
the most secure platform with the lowest fees, we have to take extra measures to overcome fraud. The higher the fraud, the higher the losses, and those losses eventually trickle to customers through higher prices. Prices are always lower when fraud is inexistent. We believe knowing our customers is the medicines for overcoming fraud. Of course, knowing your customers is not sufficient in itself; however, it is an important pillar for fraud prevention. Fraudsters repeatedly change their IDs and use numerous accounts with small transaction volumes, making them less likely to arouse suspicion. Once the scam is discovered they "disappear". Worse, those fraudsters come back and repeat their scam over and over again. In real life, one can recognize a face, or at least have an idea who the crook may be, but on the Web, the fraudster has no face and can be anywhere
Page 9

What is fraud?
Fraud is any dishonest act and behavior by which one person gains or intends to gain advantage over another person. Fraud causes loss to the victim directly or indirectly. Fraud has not been described or discussed clearly in The Indian Penal
Code but sections dealing with cheating, concealment, forgery counterfeiting and breach of trust has been discusses which leads to the act of fraud. Fraud as described in the Indian Contract Act, Sec 17 is any of the acts by a party to a contract or with his connivance or by his agents with the intention to deceive another party or his agent or to induce him to enter in to a contract.
What is a bank fraud?

Bank fraud is the use of fraudulent means to obtain money, assets, or other property owned or held by a financial institution. In many instances, bank fraud is a criminal offense. While the specific elements of a particular banking fraud law vary between jurisdictions, the term bank fraud applies to actions that employ a scheme, as opposed to bank robbery or theft. Bank fraud is a big business in todays world. With more educational qualifications, banking becoming impersonal and increase in banking sector have gave rise to this white collar crime.
For some reasons, it is difficult to measure the exact impact of fraud on banking institutions. In banking institutions, many fraud losses are reported as various types of operating expenses or buried as a loss in the allowance for loan losses. This occurs because most banks do not recognize when an unobvious
Page 10

fraud occurred and in turn bundle such fraud up in some operational type expense
REASONS OF BANK FRAUDS

1. Lack of properly trained and experienced employees in banks. 2. There is a sudden and tremendous increase in banking business. This expansive explosion has created a vacuum of personnel. 3. New recruits often do not have adequate training or experience before they are put in responsible positions. 4. Bank employees feel overburdened due to excess pressure. 5. Dilution of system and non-adherence to procedures. 6. Unauthorized delegation at branches. 7. Frauds in deposits accounts are mainly due to policy of know your customer (KYC) are not followed properly.
Page 11
Chapter-4
KNOW YOUR CUSTOMER
History of kyc
Know Your Customer (KYC) is a process by which banks and financial
institutions achieve customer identification, their address and their financial dealings. In a world full of scams, money laundering and terrorism, it is becoming increasingly important to identity customers who invest money with banks and financial companies. A bank or regulated company will not want to turn around and realize that they had a Harshad Mehta on their list of customers without knowing what he was up-to. Know Your Customer (KYC) was first introduced in India in 2002 by the Reserve bank of India (RBI) to identify customers before they opened a bank account. The idea was later adopted by IRDA for issuing out insurance policies to investors and later by SEBI for opening brokerage accounts. Eventually, all our financial dealings will come under KYC norms.
INTRODUCTION TO KYC
Financial institutions and other gatekeepers, such as lawyers and notaries have to pay special attention to the customer acceptance process. The acceptance of new customers follows clearly defined rules and measures to prevent criminals from being able to access the products and services of the institutes that provide them. Besides being compliant with regulative requirements these institutes also fulfill high ethical standards by preventing that revenues from illegal activities are laundered and put into circulation in the legal economy. With the word "terrorism" on the tip of everyone's tongue at the moment, its no wonder governments & industry alike have taken drastic steps to ensure "you" are not a conduit for money laundering. KYC (know your client) is the due diligence and bank regulation that financial institutions and other regulated companies must perform to identify their clients and ascertain relevant information pertinent to doing financial business with them. Beyond name matching, a key aspect of KYC controls is to monitor transactions of a customer against their recorded profile, history on the customers account(s) and with peers. Know Your Customer processes are also employed by regular companies of all sizes, for the purpose of ensuring their proposed agents', consultants' or distributors' anti-bribery compliance. Banks, insurers and export credit agencies are increasingly demanding that customers provide detailed anti-corruption due

diligence information, to verify their Know Your Customer processes are also employed by regular companies of all sizes, for the purpose of ensuring their proposed agents', consultants' or distributors' anti-bribery compliance. Banks, insurers and export credit agencies are increasingly demanding that customers provide detailed anti-corruption due diligence information, to verify their probity and integrity. The words Know Your Customer in the financial sense describe the process by which a bank or financial institution checks the identity, background and other aspects of the source of wealth of potential and existing customers. Also known as KYC, legislation and regulation require firms to obtain evidence of identity of a customer at take-on and to keep a record of that evidence for as long as there is a relationship with a customer. Legislation and regulation also
require a firm to keep up to date its knowledge of a customer throughout the life of the relationship, so that changes in the customer's activity can be assessed and dealt with all with the principal aim of preventing Money Laundering and Financial Crime.
General guidelines
As part of Know Your Customer(KYC) principle, RBI hs issuede several guidelines relating to identification of depositors and asvised the banks to put in places systems and procedures to help control financial frauds, identity , money laundering and suspicious activities, and for monitoring of large value cash transctions. Instructions has a;lso been issued by the RBI from time to time advising banks to be visilant while opening accounts for new customers to prevent misuse of the banking system for carrying out frauds..Taking into
Page 14

account recent developments,both domestic and international, is has been decided to repeat and consolidate the instructions on KYC norms and cash transactions.
The following guidelines reinforce our earlier instructions on the subjecct with a view to safeguarding banks from being unwittingly used for the transfer or deposit of funds derived from criminal activity(both in respect of deposit and borrowal accounts). Or for financing of terrorism. The guidelines are also applicable to foreign currency accounts/ transactions. 1. Banks should keep in mind that the information collected from the customer for the purpose of opening of account is to be treated as confidential and details thereof are not to be reveal for cross selling or any other like purposes. Banks should, therefore, ensure that information sought from the customer is relevant to the perceived risk, is not 2. intrusive, and is inconformity with the guidelines issued in this regard. Any other information from the customer should be sought separately with his/her consent and after opening the account. 3. Banks should ensure that any remittance of funds by way of demand draft, mail/telegraphic transfer or any other mode and issue of travelers cheques for value of Rupees fifty thousand and above is effected by debit to the customers account or against cheques and not against cash payment. 4. Banks should ensure that the provisions of Foreign Contribution( Regulation) Act, 1976 as amended from time to time, wherever applicable are strictly adhered to rules.
What is kyc?
Page 15

But let us first understand what KYC norms actually mean. In order to prevent identity theft, identity fraud, money laundering, terrorist financing, etc, the RBI had directed all banks and financial institutions to put in place a policy framework to know their customers before opening any account. Know your customer (KYC) is the due diligence and bank regulation that financial institutions and other regulated companies must perform to identify their clients and ascertain relevant information to doing financial business with them. Know your customer policies are becoming increasingly important globally to prevent identity theft fraud, money laundering and terrorist financing. Beyond name matching, a key aspect of KYC controls is to monitor transactions of a customer against their recorded profile, history on the customers account Banks, insurers and export credit agencies are increasingly demanding that customers provide detailed anti-corruption due diligence information, to verify their probity and integrity Some specialist consultancies help multinational companies conduct Know Your Customer processes when entering new markets.KYC enables banks to know/understand their customers and their financial dealings to be able to serve them better and prudently manage the risks of Money Laundering .This involves verifying customers' identity and address by asking them to submit documents that are accepted as relevant proof. Some banks may even ask for verification by an existing account holder. Though the standard documents which are accepted as proof of identity and residence remain the same across various banks, some deviations are permitted, which differ from bank to bank. Thus opening a new bank account is no longer a cake walk.
When it is applied?
y Opening a new account.

y Opening a subsequent account where documents as per current KYC standards have not been submitted while opening the initial account. y When the bank feels it necessary to obtain additional information from the existing customer based on the conduct of the account. y When there are change of the signatories, account holders etc. KYC will also be carried out in respect of non-account holders approaching the bank for high value transactions.
APPLICABILITY: Currently, all investors (Individuals or Non Individuals) who wish to make an investment in a mutual fund scheme irrespective of amount, will be required to complete the KYC process. This would also apply to new Systematic Investment Plan (SIP) registrations on or after 01 January 2011, irrespective of amount. Please find the list of personnel who are required to be KYC compliant:
Joint Holders: Joint holders (including first, second and third if any, are required) to be individually KYC compliant before they can invest with any Mutual Fund. . e.g. . in case of three joint holders, all holders need to be KYC compliant and copies of each holder's KYC Acknowledgement must be attached to the investment application form with any Mutual Fund.
Minors: In case of investments in respect of a Minor, the Guardian should be KYC compliant and attach their KYC Acknowledgement while investing in the name of the minor. The Minor, upon attaining majority, should immediately apply for KYC compliance in his/her own Capacity and intimate the concerned Mutual Fund(s), in order to be able to transact furthering his/her own capacity.
Power of Attorney (PoA) Holder: Investors desirous of investing through a PoA must note that The KYC compliance requirements are mandatory for both the PoA issuer (i.e. Investor) and the Attorney (i.e. the holder of PoA), both of whom should be KYC compliant in their independent Capacity and attach their respective KYC Acknowledgements while investing.
For transmission (IN case of death of the unite holder): If the deceased is the sole applicant, the claimant should submit his/her KYC Acknowledgement in the request along with the other relevant documents to effect the transmission in his/her favors.
PAN BASED KYC

If you do not hold a PAN Card, but have any alternate valid and recent Photo Identity and Address Proof document (listed below), you can, through our Systematic Investment Plan, invest upto Rs. 50,000 in a year (rolling 12 month period):
List of Documents:
y y y y y
Voter's Identity Card Driving License Government/Defence Identification card Passport Photo Ration Card
Page 18

y y
Photo Debit Card Employee ID cards issued by companies registered with Registrar of Companies
Photo Identification issued by Bank Managers of Scheduled Commercial Banks/Gazetted Officer/Elected Representatives to the Legislative
Assembly/Parliament
y
ID card issued to employees of Scheduled Commercial/State/District Cooperative Banks
y y
Senior Citizen/Freedom Fighter ID card issued by Government Cards issued by Universities/deemed Universities or institutes under statutes like ICAI, ICWA, ICSI.
WHY KYC IS REQUIRED ? y To establish the identity of he client. This means identifying the customers and verifying his/her identity by using reliable, independent sourced documents, data or information. For individuals, banks will obtain identification data to verify he identity of the customers, his/her
address/location and also his recent photograph. This will be done for the joint holders and mandate holders, as well. y For non individual, banks will obtain identification data to: Verify the legal status of the legal person/identity. Verify identity of the authorized signatories and Verify identity of the beneficial owners/ controllers of the account. y The 9/11 terrorist attacks on the World Trade Centre revealed that there were sinister forces at work around the world, and that terrorists activities

were being funded with laundered money, the proceeds of illicit activities such as narcotics and human trafficking, fraud and organized crime. Overnight, the combating of terrorist financing became a priority on the international agenda. y For the financial services provider of the 21st century, knowing your customers was no longer a suggested course of action. Based on the y requirements of legislative landmarks such as the USA PATRIOT Act (2002), modern Know Your Customer (KYC) compliance mandates were created to simultaneously combat money laundering and the funding of terrorist activities. WHY KYC IS MANDATORY? There is no escaping the paperwork while investing in financial products. Be it, opening a new bank account, demat account or buying insurance, filling the Know Your Client (KYC) documents is a mandatory procedure today. KYC is a client identification program that verifies and maintains records of the identity and address of investors. Today other regulators too have made KYC mandatory. The Securities and Exchange Board of India (Sebi) has mandated it for mutual funds and broking accounts, the Insurance Regulatory Development Authority (IRDA) while buying insurance and the Forwards Markets & Commission (FMC) for commodity trading. You need to submit it even for making post office deposits.
Impact: Although the effort towards strengthening identification norms has helped in preventing money laundering and reducing fraud, it has had a negative impact in an unexpected quarter. The growth in investor numbers in various
Page 20

instruments is either stagnating or reducing. Apparently, the KYC norms are proving restrictive because of the hassles of documentation. The KYC requirement sometimes leads to unnecessary and repetitive work, delaying operations. Customers complain about the paperwork involved. Ultimately, it means customers have to run from pillar to post for complying with the KYC norms. Investors complain of being asked to provide details repeatedly or face a freeze on their accounts . Impact for service providers: Companies and distributors say, KYC
requirements have burdened them with substantial administrative obligations. The verification rules place a financial burden on banks, insurance companies and mutual funds due to the involved costs. Currently, every entity has to individually conduct this verification which results in duplication of effort for customers as well as the institutions. There is a need to simplify KYC requirements. The authorities could opt for centralization of the KYC norms to make investing easy for those not well versed with paperwork. Mutual funds have done this at an industry level by giving the mandate to a single entity, CDSL Ventures. Uniformity in requirements for KYC prescribed by all authorities would help make the filing easier. One important document that will make life simpler is 'Aadhar', the unique identification number to be provided to each citizen by Unique Identification Authority of India (UIDAI), a government initiative.
For the purpose of KYC, A customer may be defined as:y A person or entity that maintains an account or has a business relationship with the bank y On whose behalf the account is maintained
y Beneficiaries of transactions conducted by professional intermediaries, such as stock brokers, Charted accountants, Solicitors etc are permitted under the law and y Any person or entity connected with the financial transactions, which can pose significant reputation or other risk to the bank .
PROCESS FOR KYC: 1. A completed KYC application form along with the
documents/information as mentioned in point (3) below should be submitted to any Points of Service (POS). 2. A KYC application form is available at the investor service centres of the Fund and CAMS or at any designated 'Points of Service' (POS) of CDSL Ventures Ltd. or can be downloaded from the "Reference links" section at the top of this page. 3. The documents required to be submitted along with the KYC application form are: a. a recent passport size photograph, b. PAN card copy, c. address proof. 4. After verification of the KYC application form and accompanying documents, investors will receive a letter certifying their KYC compliance. There is no charge for this verification. 5. When investing with the Fund, a copy of this letter should be attached to the scheme's application form to avoid rejection.

6. If you already have a Mutual Fund Identification Number ("MIN") (not valid anymore) and you have not provided PAN at the time of obtaining MIN, you are requested to complete the PAN formalities mentioned above to be KYC-compliant.
OBJECTIVES The main objective of the KYC policy is to prevent banks from being used, intentionally or unintentionally, by criminal elements for money Laundering activities . In order to arrest money laundering, where Banks are mostly used in the process, it is imperative that they know their customers well. RBI has issued the KYC guidelines under Section 35 (A) of the Banking Regulation Act, 1949 and any contravention of the same will attract penalties under the relevant provisions of the Act. Thus, the Bank has to be fully compliant with the provisions of the KYC procedures.KYC procedures also enable Banks to know and understand their customers and their financial dealings better which in turn help them manage their risks prudently. Know Your Customer (KYC) is the principle on which the banking system operates to avoid the pitfalls of operational, legal and reputation risks and consequential losses by under going various procedures laid down for opening and conduct of accounts.
Page 23
EVALUATION BY INTERNAL AUDIT.
An independent evaluation of KYC guidelines for identifying high value transactions would require to be carried out by concurrent / internal auditor. They would be required to comment on the effectiveness of measures taken by the branches/ levels of implementation of KYC guidelines and prevention of money laundering at branch offices .A Review of the compliance with KYC guidelines at branches in this regard will be put up by inspection and audit department to the audit committee to the board of quarterly intervals along with quarterly review being further review being put up now covering inspection and audit and concurrent audit. etc , for the whole bank. Further, concurrent / internal auditors should specifically scrutinize and comment on the effectiveness of the measures taken by branches in adoption of KYC norms and steps taken by the branch towards prevention of money laundering.
Page 24
Chapter-5
Key Factors
KYC policy includes following elements:1) Customer acceptance policy 2) Customer identification procedure 3) Monitoring of transactions 4)Risk management 5)Training programme 6)Evaluation of KYC guidelines by Internal Audit and inspection system. six key
Customer acceptance policy: As per the RBI guidelines the banks should develop a customer acceptance policy laying down explicit criteria for acceptance of customers. The CAP policy numerated explicit guidelines on the following
aspects of customer relationship with bank. i. No account is opened in anonymous name or fictitious name/benami name. ii. Not to open an account/ close an existing account where a bank in unable to identity or to obtain the documents required as per the risk categorization due to non cooperation of the customers reliability of the data/information furnished to the bank . Circumstances in which a customer is permitted to act on behalf of another person/entity should be clearly spelt out in conformity with
or non

the established law and practice of banking as there could be occasion when an account is operated by a mandate holder or where an account may be opened by an intermediary in the fiduciary capacity and, iii. Necessary checks should be made before opening an account so as to ensure the identity of the customer does not match with any of the person related to criminal background or with the banned entities such as terrorists.
Customer identification Procedure: Customer identification means identifying the customer or verifying his/her identity by using reliable, independent source document , data or information. Branch/offices need to obtain sufficient information necessary establish to their satisfaction, the identity of each new customer , whether occasional or regular , and the purpose of the intended nature of banking relationship. Know your customer( KYC) procedure should be the key principal for identification of an individual/corporate body opening an account. The customer identification should involve verification through an introductory reference from an existing customer/ a person known to the bank or on the basis of documents provided by the customers. Banks should obtain all information necessary to establish the identity/ legal existence of each new customer, based preferably on the disclosures by customers themselves. Easy means of establishing identity could be documents such as passports, driving license etc. Where documents are not available, verification by existing bank holders. such
Monitoring of transactions: Ongoing monitoring is an essential element of effective KYC procedures. Branches can effectively control n reduce their risk

only if they have an understanding of the normal and reasonable activity of the customer so that they have an means of identifying transactions that fall outside the regular pattern of activity .However the extent of monitoring depends on the risk sensitivity of the account.. Banks should pay special attention to all complex, unusually large transactions and all unusual patterns which have no apparent economic or visible lawful purpose. Banks may prescribe threshold limits for a particular category of accounts and pay particular attention to the transactions which exceed these limits. Transactions that involve large amounts of cash in consistent with the normal and expected activity of the customer should particularly attract the attention of the bank. Very high account turn over in consistent with the size of the balance maintained may indicate that funds are being 'washed' through the account. High-risk accounts have to be subjected to intensify monitoring. Every bank should set key indicators for such accounts, taking note of the background of the customer, such as the country of origin, sources of funds, the type of transactions involved and other risk factors. Banks should put in place a system of periodical review of risk categorization of accounts and the need for applying enhanced due diligence measures. Such review of risk categorization of customers should be carried out at a periodicity of not less than once in six months.
Risk management: An effective KYC policy must be put in place by establishing appropriate procedures and ensuring their effective implementation. It should
contain proper management oversight, system and control, segregation of duties, training and other related matters. Responsibility should be properly allocated within the bank for ensuring that banks policies and procedures are implemented properly.

Banks internal audit and compliance functions have an important role in
evaluating and ensuring adherence to the KYC policies and procedures. The compliance procedures should provide and independent evaluation of the banks own policies and procedures, including legal and regulatory requirements. It should be ensured that the audit machinery is staffed adequately with individuals who are well versed in such policies and procedures. Internal auditors should specifically check and verify the application of KYC procedures at the branches/offices.
Training programme: A regular session should be conducted in all the training programmes of staff training college to equip the staff members on KYC and AML policy so as to protect the bank from the money laundering activities. Record to be kept of all formal training conducted. These records have to include all the names and other relevant dates and location of the training. The front desk staff needs to be specifically trained to educate the customers
regarding the objectives of the KYC policies and procedures.
Page 28
Chapter-6
Safety First, Avoid the Worst:RISK

There are five types of risks that an effective kyc policy helps to mitigate:y Reputational y Operational y Legal y Financial y Concentration Reputational Risk: The reputation of a business is usually at the core of its success. The ability to attract good employees , customers, funding and business is dependent on reputation. Even if a business is otherwise doing all the right things , if customers are permitted to undertake illegal transactions through that business, its reputation could be irreparably damaged. A strong KYC policy helps top prevent a business from being used as a vehicle for illegal activities.
Operational risk: This is the risk of direct or indirecrt loss from faulty or failed internal processes,management and systems.in todays advantage competiive environment, operational excellence is critical for competitive advantage. If aKYC policy is faulty or poorly implemented , then operational resources are wasted, there is an increasd chance of being used by criminals for illegal
Page 29

purposee, time and money is then spent on legal and investigate actions and the business will be viewed as operationally unsound.
Legal risk: If a business is used as a vehicle for illegal activity by customers , it faces the risk of fines ,penalties, injunctions ansd even forced discontinuation of operations. Apart from regulatory risk,involvement in illegal activitees could lead third-party judgements and uneven contracts.In addition,professionals working within many financial and other professional sectors may also personally be subject to legal action or prosecution
Due to nature of business, these risks can never entirely be eliminated. However, if a business does not have an effective KYC policy, it will be inviting legal risk. BY strictly implementing and following a KYC ploicy , a business can mitigate legal risk to itself and its staff.
Financial risk: If a business does not adequately identify and verify customers, it may run the risk of unwillingly allowing a customers to pose as someone they are not . The consequences of this may be far reaching. If a business does not know the true identity of its customers, it will also be difficult to retrieve any money that the customers owes.
Concenration risk: This type of risk occurs on the assets sides of a business if there is toomuch exposure to one customer or a group of related customers. It also occurs on the liabilities side if the business holda large concentrations of funds from one customer or a group
Page 30

By implementing an effective KYC policy, a busainess can identify the entire scope of the asset and liability risk faced in relation to each customers and group of customers.
Page 31
Chapter-7
Basel Committee Highlights

The Basel Committee has highlighted the need for banks to implement effective know-your-customer (KYC) standards as an essential part of risk management practices. The committee states that banks with inadequate KYC risk management programs may be subject to significant risks, especially legal and reputational ones. Sound KYC policies and procedures not only contribute to a banks overall safety and soundness, they also protect the integrity of the banking system by reducing the likelihood of banks becoming vehicles for money laundering, terrorist financing and other unlawful activities. Following a review of the comments received, the Working Group has revised the paper and the Basel Committee is now distributing it worldwide in the expectation that the KYC framework presented here will become the benchmark for supervisors to establish national practices and for banks to design their own programmes. It is important to acknowledge that supervisory practices of some jurisdictions already meet or exceed the objective of this paper and, as a result, they may not need to implement any changes. The Basel Committee's approach to KYC is from a wider prudential, not just anti-money laundering, perspective.

Sound KYC procedures must be seen as a critical element in the effective management of banking risks. KYC safeguards go beyond simple account opening and record-keeping and require banks to formulate a customer acceptance policy and a tiered customer identification programme that involves more extensive due diligence for higher risk accounts, and includes proactive account monitoring for suspicious activities. The Basel Committee's interest in sound KYC standards originates from its concerns for market integrity and has been heightened by the direct and indirect losses incurred by banks due to their lack of diligence in applying appropriate procedures. These losses could probably have been avoided and damage to the banks' reputation significantly diminished had the banks maintained effective KYC programmes.
Page 33
Chapter-8
WASHING CRIMINAL MONEY

MONEYLAUNDERING
Money Laundering refers to conversion of money illegally obtained to make it appear as if it originated from a legitimate source. Money laundering is the process by which large amounts of illegally obtained money (from drug trafficking, terrorist activity or other serious crimes) is given the appearance of having originated from a legitimate source. Money laundering is being employed by launderers worldwide to conceal criminal activity associated with it such as drugs / arms trafficking, terrorism and extortion. All crimes that produce a financial benefit give rise to money laundering. But in simple terms it is the Conversion of Black money into white money. Anti-money laundering is both a critical compliance and business issue. Few financial services CEOs need to be reminded that along with costly litigation, large fines and long prison sentences, successful penetration by money launderers may also cause incalculable damage to corporate reputations and professional careers. AML is not just seen as important in combating organized crime, but increasingly terrorism as well. In parallel with AML, many countries are developing Know
Page 34

Your Customer (KYC) requirements to ensure that account holders and their transactions are subject to proper identification, verification and documented validation. The importance of KYC is further underlined by the critical need to combat identity fraud, one of the worlds fastest growing and most corrosive forms of crime WHAT HAS THIS GOT TO DO WITH OPENING BANK ACCOUNTS? The first step in the laundering process for criminals is to get their money into an account with a Bank, often using a false identity and address. The funds so deposited will be transferred to other accounts locally or abroad or used for buying goods or services. These transactions would appear to be like any legally earned money and becomes difficult to trace it back to its criminal past. Banks under law should not only prevent this, but should stop criminals who wish to use the banking channel to launder the ill-gotten money from illegal / criminal activities.
WHAT WILL HAPPEN IF YOU DO NOT PROVIDE THE REQUIRED KYC INFORMATION / DOCUMENTS TO THE BANK ? The Bank will be entitled to refuse to open the account (if you are a prospective customer) or discontinue its relationship with you citing non-providing of KYC information / documents (if you are an existing customer). If you however, require reasonable time to furnish certain non-critical documents you can approach the branch / sales staff.
Page 35

HOW COULD THIS AFFECT YOU AS A CUSTOMER? A key defense against money laundering is to prevent accounts being opened in false identities. Anyone wishing to open an account will therefore be asked for proof of their identity and address. These documents have to be essentially obtained irrespective of the type of account to be opened and the purpose for which the account is opened for. The fact that these documents are asked for opening of account does not mean that you are suspected of money laundering. Criminals try to appear to be normal law- abiding customers, for example they may try to open a number of accounts using small amounts of money. Hence it is necessary to identify all prospective account holders or customers. Any body including a criminal could falsely use your identity, if these identity documents are not obtained. For prevention of opening of accounts in false identities, Banks have to ask for proof of customers identity and address during opening of new accounts Being asked for these documents does not imply that the customers are suspected of money laundering It is a necessity to identify all prospective account holders or customers as anybody including a criminal could falsely use another customers identity, if the respective documents are not obtained.
Page 36

ROLE OF AML/KYC ANALYST : 1. Approving new client relationships in all parts of the business . 2. Assisting in rolling client review programme to ensure client files are up-todate . 3. Liaising( act as a link 2 assist communication between) with Operations department regarding client set-up in data systems . 4. Assisting in money laundering monitoring. 5. Approving new client relationships in all parts of the business . 6. Assisting the business to obtain information and documentation required to meet legal and regulatory money laundering identification obligations . 7. Ensure higher risk factors or incidents have increased rapidly, reported and rectified within an appropriate time frame. 8. Assisting the business to obtain information and documentation required to meet legal and regulatory money laundering identification obligations including MIFID (Markets in Financial Instruments Directive). 9. Desk-top investigation of client background .
10. Dealing with enquiries from the business relating to all aspects of client approval. 11. Dealing with name changes, mergers and closure of client relationships.
The role of AML/KYC Analyst will require experience in utilizing a riskbased approach when determining due diligence requirements while a working knowledge of JMLSG Guidance, OFAC Sanctions, an understanding of the Money Laundering Regulations and proven background in MIFID would be advantageous.
Page 37
Chapter-9
Go
beyond borders for big ideas: MUTUAL FUNDS

Mutual funds are investment companies that pool money from investors at large and offer to sell and buy back its shares on a continuous basis and use the capital thus raised to invest in securities of different companies. This article helps you to know in depth on. A mutual fund is nothing more than a collection of stocks and/or bonds. You can think of a mutual fund as a company that brings together a
group of people and invests their money in stocks, bonds, and other securities. Each investor owns shares, which represent a portion of the holdings of the fund. One of the options is to invest the money in stock market. But a common investor is not informed and competent enough to understand the intricacies of stock market. This is where mutual funds come to the rescue. A mutual fund is a group of investors operating through a fund manager to purchase a diverse portfolio of stocks or bonds. Mutual funds are highly cost efficient and very easy to invest in.
IMPORTANCE OF KYC IN MUTUAL FUNDS

Come 2011, and you will not only have to change the year old calendar, but also the way you invest in mutual funds. Yes, SEBI and AMFI have come up with a new set of KYC (Know Your Client) norms for all mutual fund investors in

association with CVL ( CDSL Ventures Ltd.) . KYC is not a new term for all those who have bank accounts and demat accounts. Mutual fund (MF) investors, irrespective of the amount they invest, will have to complete the Know Your Customer (KYC) requirements for all purchases, switches and new systematic investment plan registrations from January 1. Investors have to submit the KYC form, which is available with fund houses, along with necessary documents at the nearest investor services centre. They have to provide a photocopy of the PAN card, proof of address document and a passport size photograph. Earlier, only resident individual investors making investments above Rs 50,000 were required to complete the KYC formalities. Fund houses have made arrangements with CDSL Ventures for KYC compliance. On submission of KYC application along with the prescribed documents, a KYC acknowledgement letter will be issued. Investors have to provide the letter for carrying out transactions in MF schemes. Mutual funds are among the most popular investments on the market. While most people choose mutual funds for their investment portfolio because of the funds' professional management, many people buy mutual funds because of their competitive returns. Others are like them because they are easy to buy and sell. Mutual funds hold several investments and can spread risk.
REQUIREMENTS FOR A MUTUAL FUND INVESTOR

Individual investors have to produce Proof of identity (Photo PAN card copy or PAN card copy and copy of the passport, driving license etc.) and Proof of Address (any valid documents listed in section B of the KYC Application Form for Individuals). Non -Individual Investors have to show certain documents pertaining to their constitution/registration to fulfill the KYC process. A list of

Mandatory Certified Documents to be submitted can be found in section C of the KYC application form for Non-Individual Investors.
But there is still some time before it will be implemented. By making KYC norms simpler, it will make investments simpler. It is especially required if investing is to become more inclusive.
Page 40
Case Study Of DENA BANK

DENA BANK
Dena Bank was founded on 26th May, 1938 by the family of Devkaran Nanjee under the name Devkaran Nanjee Banking Company Ltd. It became a Public Ltd. Company in December 1939 and later the name was changed to DENA BANK Ltd. In July 1969 Dena Bank Ltd. along with 13 other major banks was nationalized and is now a Public Sector Bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970. Under the provisions of the Banking Regulations Act 1949, in addition to the business of banking, the Bank can undertake other business as specified in Section 6 of the Banking Regulations Act, 1949
MISSION OF DENA BANK y To provide customers with premier financial services of great value. y To have a positive work environment and opportunity for growth and achievement towards staff.

y To give superior financial returns to its customers. to have an economic growth in community. VISION OF DENA BANK To emerge as the most preferred Bank of customer choice in its area of operations, by its reputation and performance.
Dena Bank has been the first Bank to introduce:

y y
Minor Savings Scheme. Credit card in rural India known as "DENA KRISHI SAKH PATRA" (DKSP).
y y y
Drive-in ATM counter of Juhu, Mumbai. Smart card at selected branches in Mumbai. Customer rating system for rating the Bank Services.
Page 42

PRODUCTS AND SERVICES
Dena Bank offers a suite of financial products and services to fulfill various needs of the individual and corporate clients which includes the following:
1. Personal Banking
2. Dena deposit Schemes y Premium Current Account Scheme y Premium Savings Account Scheme y Dena Alpha Bachat Khata y Dena Jeevan SB account y Dena Cash certificate y Dena minor savings scheme y Dena fixed deposit scheme y Dena recurring deposit scheme etc 3. International banking y Trade Finance services y NRI desk y Remittance
Page 43

4. Dena Fine Mart 5. Priority and SME
6. Agriculture Finance y Regional rural bank y Dena kisan Gold Credit Card scheme 7. Corporate Banking y Specified Schemes Developers & builders Educational Institutions Hotel & Restaurants Hospitals Entertainment Industry 8. Other services
y y y y y y y y y y Delivery Channels Core Banking Solution Dena Alert Services Dena ATM Services Dna ill Pay Inbound Remittance Indirect Tax Banc assurance NEFT/ RTGS Distribution of Mutual Fund
Page 44

ANALYSIS OF THE STUDY
Mr. C. T. Kariya the Branch Manager says that The KYC has been implemented in the Bank since 2008. Banks have faced many problems before KYC. But they have not observed any differences after the implementation. By the implementation the bank has been satisfied with the mandatory condition but the Customers are not ready to under go the long lengthy procedure. There are Still more customers in the bank to be KYC complied. The KYC idea is not much benefiting the Bank so they want the RBI to cum out with sum new techniques.
Page 45
Case Study Of HDFC BANK

HDFC Bank Limited is a major Indian financial services company based in India, incorporated in August 1994, after the Reserve Bank of India allowed establishing private sector banks. The Bank was promoted by the Housing Development Finance Corporation, a premier housing finance company (set up in 1977) of India. HDFC Bank has 1,725 branches and over 5,000 ATMs, in 780 cities in India, and all branches of the bank are linked on an online real-time basis. HDFC Bank provides correspondent bank services to Co-operative Banks, Private Banks, Foreign Banks & RRB's. Banks can leverage HDFC banks branch network , technology and product capability. We have a wide range of products engineered to suit the needs of the banking sector this is backed up by a dedicated Relationship Management Team and dedicated servicing department. MISSION: y To be the most trusted power utility company of the country by providing environment friendly power on most cost effective basis, ensuring prosperity for its stakeholders and growth with human faces. y To be a World-Class Indian Bank.
y To build sound customer franchises across distinct businesses so as to be the preferred provider of banking services for target retail and wholesale customer segments.

y To achieve healthy growth in profitability, consistent with the bank's risk appetite VISION: y To ensure most effective power for sustained growth of India. y To provide clean and green power for second future of countrymen. y To be technology driven, transparent organization, ensuring dignity and respect for his team members. y To achieve excellence in every activity we undertake. y To be socially responsible through community development by leveraging resources and knowledge. The bank is committed to maintain the highest level of ethical standards, professional integrity, corporate governance and regulatory compliance. HDFC Bank's business philosophy is based on four core values - Operational Excellence, Customer Focus, Product Leadership and People.
Page 47

PRODUCTS & SERVICES
1. Personal Loan 2. Car Loan 3. Home Loan 4. Educational loan 5. Business Loan 6. Loan against property.
Page 48
Case study of HINDUSTAN CO-OPERATIVE BANK

HCBL Co-operative Bank Ltd. is a new generation co-operative Bank Ltd. having started its banking business on 28th August 2002 and has completed its seven years. In a short span our bank has attained multi faceted growth not only in terms of Finance/ indicators/Standards but also in over all expansion of activities. Our bank providing all latest facilities like S.M.S Banking, Tele Banking, Personalized Banking along with general Banking Services and giving a new shape to banking .
VISION:
y
To create a model Co-operative bank in a country at par with an International level and equipped with all latest information technology.
To provide with best customer services and best products.
MISSION:

To expand the bank at all India level. To Provide unprecedented service to customers through various innovation in customers services so that they truly endorse our punch line-Yeh Bank Zara Kuchh Khaas hai.
Page 49

To Contribute in growth of customer wealth and overall development of countrys economy.
To Deliver best returns to our shareholders. Customer Delight prime motive.
The bank is also marching towards its concept of Banking Mall under which services like General Insurance ,Life Insurance ,Mutual Funds, Pan Allotment, Portfolio management, Tax consultancy NSC/KVP to provide all financial solution to our valuable customer under one roof. PRODUCTS & SERVICES
1. Savings Account 2. Fixed Deposit account 3. Current Account 4. Double Magic Dhamaka 5. School Fee deposit 6. Children Saving Schemes 7. Pension Plan 8. SMS & Internet Banking 9. Locker Facility etc..
Page 50

ANALYSIS OF THE STUDY
Mr. Ashok Kalke the Branch Manager says that The KYC has been implemented in the Bank before 3yrs i.e; in 2009 . Banks have faced many problems before KYC. But they have not observed differences after the implementation, the transactions have become more reliable and secure. By the implementation the bank has been satisfied with the mandatory condition as the Customers are ready to under go the long lengthy procedure and cooperate with us. There are Still hardly customers left in the bank to be KYC complied. The KYC idea is benefiting the Bank as there are risk free work and without any problems the work is going on. The implementation has found out that the frauds which has been occurred many years back cannot happen now.
Page 51
CONCLUSION
The ruler who rules the market today is guided by its faithful & friendly partner to avoid a game which can go too far by adopting kyc and has been a key factor today in many areas for individuals, non individuals as well as mutual funds The project gives a lot many new things to come across and to know about the importance of knowing the customers. Knowing the customers helps the institution to get rid frauds and scams happening. Under the "Know Your Customer" requirements, people who refuse to "identify" themselves when requested will be precluded from conducting business using contemporary methods of commerce. And those who agree to the identification requirements will have their financial transactions monitored. KYC joined other actors to offer adolescents and young adults alternatives to violence by promoting respect for the rule of law, and encouraging them to deal with leadership in ways that contribute to their healing and provide a new path to the future Through this we can come to a conclusion that a better and safe transactions can take place without disturbing anything. The banks can go ahead and come up with some new technologies to fill KYC forms and get information about the customers, they can bring out something innovative so that customers need not fill the long and lengthy forms and waste their time. Banks and other financial institutions can protect themselves against Money Laundering by implementing an effective KYC Policy, knowing their customers, checking the source of funds, monitoring the conduct of accounts, and by learning to recognize suspicious/ irregular transactions.
Page 52
RECOMMENDATION
Recommendation to a Bank or Financial
Institution is not good but suggesting something to improve the condition can be done. After going through the various contents, information, research study I came across things that can be implemented.
The RBI can come with the new technique
of Identifying of the customer and beneficial owner before or during the course of establishing a business relationship or conducting transactions for occasional customers. y Conduct enhanced ongoing monitoring of the business relationship and customers. y Can also invent a master card system where in the card will contain the full detail of the customers with the ID number, PAN number, Address etc the detail about them which will help the bank to interact with them. This would also help the customer to do their transaction by jst forwarding their card which will avoid the ling procedure of KYC forms and it would be a safe transaction.
Page 53
ANNEXURE
A KYC Application Form has been designed for Individual and Non-Individual Investors separately. These forms are available on the website of mutual funds, AMFI and Central Depository Services (India) Limited (CDSL). You may also approach your distributor for a form. It is important to read the instructions printed on the KYC Application Form while filling-up the form. y Forms for Individual KYC compliance y Form for Non-Individual compliance The annexure also contains a Questionnaire which is been answer by the employees of the Banks.
Page 54
Page 55
Page 56
QUESTIONAIRE/ FAQ
1. Name of the BankName of the ManagerLocation of the BankWebsiteEmail-ID-
2. From when have you implemented KYC in your Bank?
3. Was there any problem which your bank have faced when there was NO KYC?
4. What difference have you observed after implementing KYC?
5. Are you satisfied by the idea of making KYC mandatory?
6. Are Customers really happy to complete the formalities of kyc?
7. Are there any customers without KYC compliance, having an account in your Bank?
8. Has your work increased because of KYC formalities?
9. Are you facing any problems in implementing KYC?
If YES, then What?
10. Is implementation of KYC benefiting you?
If YES, then How?
If NO, then Why?
Page 57
BIBLOGRAPHY
Internet Websites
1. http://www.knowyourcustomer.net/ 2. http://www.assetmanagement.hsbc.com/in/mutualfunds/kyc.html 3. http://en.wikipedia.org/wiki/Know_your_customer 4. http://scribd.com 5. http://www.rbi.org.in Books 1. Money Laundering: A Concise Guide for All BusinessBy Doug Hopton
2.
Anti-money laundering: international law and practiceChristian Klin, John G. Goldsmith
Search Engines 1. www.google.com 2. www.yahoo.com


What Is A Customer?

Transféré par

Informations du document

Description originale:

Titre original

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

What Is A Customer?

Transféré par

Droits d'auteur :

Formats disponibles

Role and Importance of KYC 2011

Only one Ruler: CUSTOMERS

Role and Importance of KYC 2011

Customers can be of following types:

Role and Importance of KYC 2011

V.E.S. College of Arts , Science & Commerce, Chembur

Role and Importance of KYC 2011

CUSTOMER RELATION MANAGEMENT

V.E.S. College of Arts , Science & Commerce, Chembur

Role and Importance of KYC 2011 BANKS AND CUSTOMERS OVERVIEW

V.E.S. College of Arts , Science & Commerce, Chembur

Role and Importance of KYC 2011

Faithful & Friendly Partner:BANK

CHARACTERISTICS / FEATURES OF A BANK

V.E.S. College of Arts , Science & Commerce, Chembur

Role and Importance of KYC 2011

V.E.S. College of Arts , Science & Commerce, Chembur

Role and Importance of KYC 2011

BANKING REGULATION ACT

V.E.S. College of Arts , Science & Commerce, Chembur

Role and Importance of KYC 2011

A game can go too Far: FRAUD

V.E.S. College of Arts , Science & Commerce, Chembur

Role and Importance of KYC 2011

What is a bank fraud?

V.E.S. College of Arts , Science & Commerce, Chembur

Role and Importance of KYC 2011

REASONS OF BANK FRAUDS

V.E.S. College of Arts , Science & Commerce, Chembur

Role and Importance of KYC 2011

KNOW YOUR CUSTOMER

Role and Importance of KYC 2011

Role and Importance of KYC 2011

V.E.S. College of Arts , Science & Commerce, Chembur

Role and Importance of KYC 2011

V.E.S. College of Arts , Science & Commerce, Chembur

Role and Importance of KYC 2011

Role and Importance of KYC 2011

Role and Importance of KYC 2011

PAN BASED KYC

V.E.S. College of Arts , Science & Commerce, Chembur

Role and Importance of KYC 2011

ID card issued to employees of Scheduled Commercial/State/District Cooperative Banks

Role and Importance of KYC 2011

V.E.S. College of Arts , Science & Commerce, Chembur

Role and Importance of KYC 2011

Role and Importance of KYC 2011

Role and Importance of KYC 2011

V.E.S. College of Arts , Science & Commerce, Chembur

Role and Importance of KYC 2011

EVALUATION BY INTERNAL AUDIT.

V.E.S. College of Arts , Science & Commerce, Chembur

Role and Importance of KYC 2011

Role and Importance of KYC 2011

Role and Importance of KYC 2011

Role and Importance of KYC 2011

regarding the objectives of the KYC policies and procedures.

V.E.S. College of Arts , Science & Commerce, Chembur

Role and Importance of KYC 2011

Safety First, Avoid the Worst:RISK

V.E.S. College of Arts , Science & Commerce, Chembur

Role and Importance of KYC 2011