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Operational aspect of KYC
What does KYC stand for and what is its primary purpose in banking?
KYC stands for Know Your Customer, and its primary purpose is to verify the identity of customers to prevent money laundering, terrorist financing, and other financial crimes.
What is the Customer Identification Procedure (CIP) in KYC operations?
Process of verifying customer identity before opening any account.
Which regulatory body issues KYC guidelines for banks in India?
The Reserve Bank of India (RBI) issues KYC guidelines for banks in India under the Prevention of Money Laundering Act (PMLA), 2002.
Which form must banks use to collect KYC information from individual customers?
KYC form prescribed by RBI or bank's own approved form.
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