KYC norms /AML Standards/CFT/Obligation of banks under PMLA, 2002

The Reserve Bank has received complaints pertaining to KYC norms relating to areas such as documentary proof of identity/address, need for introduction for opening of bank accounts, and periodicity for review of KYC documents. In view of these developments, it is proposed:
• to review the existing KYC norms for simplifying them within the provisions of Prevention of Money Laundering Act/Rules (PML Act/Rules) and international standards.

To view the full text of the notification, please follow the link

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