KYC AML CFT
Reserve Bank of India has issued guidelines on KYC-AML-CFT to banks under Section 35A of the Banking Regulation Act, 1949 and Rule 7 of Prevention of Money- Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005. Hence, any contravention thereof or non-compliance by bank shall attract penalties under Banking Regulation Act. All Branches will send their confirmation on Quarterly basis to their Regional Authorities for having complied fully with the KYC–AML-CFT guidelines of the bank while opening new accounts as well as in all existing accounts in the first week of succeeding month of the every quarter and will preserve record thereof for inspection purpose. All Regional Authorities will also send their confirmation on Half Yearly basi...