Know More About KYC and Money Laundering Procedure by DHFL
Transcript of Know More About KYC and Money Laundering Procedure by DHFL
Know Your Customer & Anti-Money Laundering Procedures – A Customer Education Initiative by DHFL
Details of Know Your Customer and Anti Money Laundering Norms – A Customer Education Initiative from DHFL
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Hello Vinodji, how are you?
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Hello Sharmaji, I am doing well, thank you. How can I help you today?
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I would like to understand the Know Your Customer (KYC) and Anti Money Laundering (AML) procedures in details. Would you be able to guide me?
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Certainly. The KYC and AML Norms are followed by all Banks
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& Housing Finance Companies to prevent themselves from being used
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intentionally or unintentionally by criminal elements
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Money Laundering Activities
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Also, they need to know and understand their customers as well as their financial dealings for Risk Management.
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I understand. Please tell me more about Money Laundering.
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Money Laundering is any act or attempted act to conceal or disguise the identity of illegally obtained proceeds
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so that they appear to have originated from legitimate sources. In layman terms “Conversion of Black money into White”.
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How do the Banks & Housing Finance Companies get to know their customers?
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The Banks & Housing Finance Companies follow a Client Identification Procedure.
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They verify the identity of their customers using reliable and independent source of documents, data or information.
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The necessary documents and information are taken to verify the customer’s identity, current and permanent address, nature of business and financial
status.
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They also maintain records of the identity of customer as per the regulatory requirement.
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Further, Ongoing Monitoring of Transactions such as
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unusual transactions
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cash transactions
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and suspicious transactions is also an essential element of effective KYC procedure.
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What are the documents required to be obtained from the customer for KYC compliance?
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For Photo Id Proof any one of the following is required: 1.PAN Card 2.Passport 3.Voters ID Card 4.Driving License 5. Aadhar Card
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For Residence Proof any one of the following is required:1.Utility Bills such as Telephone Bill, Electricity Bill, Piped Gas Bill and Post Paid Mobile Bill 2. Ration Card 3.Letter from Employer 4.Bank Statement /
Passbook with address 5. Valid Rent Agreement 6. Sale Deed
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Thank you Vinodji for your guidance
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