KYC Norms/AML Measures/CFT/ Obligations of banks under PMLA, 2002 - Primary (Urban) Co-operative Banks - ఆర్బిఐ - Reserve Bank of India
KYC Norms/AML Measures/CFT/ Obligations of banks under PMLA, 2002 - Primary (Urban) Co-operative Banks
RBI/2012-13/431 March 7, 2013 The Chief Executive Officer of Madam/Dear Sir, Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Measures/Combating of Financing of Terrorism (CFT) / Obligations of banks under Prevention of Money Laundering Act (PMLA), 2002 – Primary (Urban) Co-operative Banks Please refer to our circular UBD.BPD (PCB) Cir. No. 28/14.01.062/2012-13 dated December 19, 2012 on simplification of Know Your Customer (KYC) norms / Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002. With a view to further easing the KYC process for the general public, especially customers who migrate to a new place on account of new job, transfer, etc., it has been decided to effect the following modifications to the existing instructions. 2. Shifting of bank accounts to another centre – Proof of address: Primary (Urban) Co-operative Banks (UCBs) were advised vide circular UBD.BPD (PCB) Cir. No.3/14.01.062/2012-13 dated July 10, 2012 that KYC once done by one branch of the bank should be valid for transfer of the account within the bank as long as full KYC procedure had been done for the concerned account. The customer should be allowed to transfer his account from one branch to another branch without restrictions. In order to comply with KYC requirements of correct address of the person, fresh address proof has to be obtained from him/her upon such transfer by the transferee branch. However, a large number of customers with transferable jobs or those who migrate for jobs are unable to produce a utility bill or other documents in their name as address proof immediately after relocating. In view of this, it has been decided that:
3. UCBs should intimate their customers that in the event of change in address due to relocation or any other reason, they should intimate the new address to the bank within two weeks of such a change. While opening new accounts and while periodically updating KYC data as required in terms of paragraph 2.4 (c) of our Master Circular UBD.BPD. (PCB).MC.No.16/12.05.001/2012-13 dated July 2, 2012, an undertaking to this effect should be obtained. In all these cases customers will have to produce proof of address as mentioned at (a) and (b) above. 4. UCBs may revise their KYC policy in the light of the above instructions and ensure strict adherence to the same. Yours faithfully, (A. Udgata) |