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OPERATIONAL ASPECTS OF KYC
What is the full form of KYC in banking?
KYC stands for Know Your Customer. It refers to the process by which banks verify the identity and address of their customers before and during account opening.
What is the minimum age for a minor to open a bank account independently under KYC norms?
Ten years of age to operate independently.
Which RBI Master Direction governs KYC norms for Indian banks?
The RBI Master Direction on Know Your Customer (KYC) Direction, 2016 (updated periodically) governs KYC norms. It is issued under the Prevention of Money Laundering Act, 2002 and the RBI Act, 1934.
What is the meaning of 'layering' in the money laundering process?
Concealing illegal funds through complex financial transactions.
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