Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT) /Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 - Clarification on Proof of Address - Primary (Urban) Co-operative Banks (UCBs) - आरबीआय - Reserve Bank of India
Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT) /Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 - Clarification on Proof of Address - Primary (Urban) Co-operative Banks (UCBs)
RBI/2013-14/636 June 10, 2014 The Chief Executive Officer Madam / Dear Sir, Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT) /Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 – Clarification on Proof of Address - Primary (Urban) Co-operative Banks (UCBs) Please refer to paragraph 2.4 (e), paragraph 2.5 (vii) (a & b) and (xi) and Annex I of Reserve Bank of India Master Circular on Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/ Obligations under Prevention of Money Laundering Act (PMLA), 2002, issued vide UBD.BPD.(PCB).MC.No.16/12.05.001/2013-14 dated July 1, 2013 regarding requirement of ‘proof of address’ while opening a bank account by individuals. 2. Reserve Bank of India has been receiving representations/references from various quarters’ especially migrant workers, transferred employees etc regarding problems faced in submitting a proof of current/ permanent address while opening a bank account. The matter has since been examined in the light of amendment to the Prevention of Money Laundering Rules (Maintenance of Records), 2005, and accordingly it has been decided to simplify the requirement of submission of ‘proof of address’ as follows:
3. UCBs may revise their KYC policy in the light of the above instructions and ensure strict adherence to the same. 4. The Principal Officer should acknowledge receipt of this circular to our Regional Office concerned Yours faithfully, (P.K. Arora) |