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KYC AML CFT NORMS
What does KYC stand for in banking?
KYC stands for Know Your Customer. It is a process by which banks verify the identity and address of their customers before and during account opening.
What is the full form of PMLA in Indian banking?
Prevention of Money Laundering Act, 2002
What is the primary objective of KYC norms?
The primary objective of KYC norms is to prevent banks from being used, intentionally or unintentionally, for money laundering and terrorist financing activities.
Which authority in India issues guidelines on KYC norms to banks?
Reserve Bank of India (RBI)
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