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Objective-
The objective of KYC/AML guidelines is to prevent banks/FIs from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities. KYC procedures also enable banks/FIs to know/understand their customers and their financial dealings better and manage their risks prudently.
This is to prevent fraudsters using the name address and forged signature of others for doing fraudulent transactions; benami transactions; en-cashment of stolen cheques, drafts dividend warrants etc. For this purpose, the customer has to submit the following documents / details according to his/her profile:
For Individuals
(i) officially valid document (the passport, the driving licence, the Permanent Account Number (PAN) Card, the Voter's Identity Card issued by the Election Commission of India, job card issued by NREGA duly signed by an officer of the State Government, letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number, or any other document as notified by the Central Government in consultation with the Regulator.) containing details of identity and address, one recent photograph and such other documents pertaining to the nature of business and financial status of the customer as may be required by the bank/FI.
(ii) E-KYC service of Unique Identification Authority of India (UIDAI)
For Companies
(i) Certificate of incorporation
(ii) Memorandum and Articles of Association
(iii) A resolution from the Board of Directors and power of attorney granted to its managers, officers or employees to transact on its behalf and
(iv) An officially valid document in respect of managers, officers or employees holding an attorney to transact on its behalf.
For partnership firms
(i) registration certificate
(ii) partnership deed and
(iii) an officially valid document in respect of the person holding an attorney to transact on its behalf.
Trust
(i) registration certificate
(ii) trust deed and
(iii) an officially valid document in respect of the person holding a power of attorney to transact on its behalf.
unincorporated association or a body of individuals
(i) resolution of the managing body of such association or body of individuals
(ii) power of attorney granted to transact on its behalf
(iii) an officially valid document in respect of the person holding an attorney to transact on its behalf and
(iv) such information as may be required by the bank/FI to collectively establish the legal existence of such an association or body of individuals.
Proprietary concerns:
Any two of the following documents in the name of the proprietary concern are required to be submitted:
(i) Registration certificate
(ii) Certificate/licence issued by the municipal authorities under Shop and Establishment Act
(iii) Sales and income tax returns.
(iv) CST/VAT certificate.
(v) Certificate/registration document issued by Sales Tax/Service Tax/Professional Tax authorities.
(vi) Licence/certificate of practice issued in the name of the proprietary concern by any professional body incorporated under a statute.
(vii) Complete Income Tax Return (not just the acknowledgement) in the name of the sole proprietor where the firm's income is reflected, duly authenticated/acknowledged by the Income Tax authorities.
(viii) Utility bills such as electricity, water, and landline telephone bills. |