Choose your answers to the questions and click 'Next' to see the next set of questions. Question 6. Can I Transfer My Existing Bank Account From One Place To Another? If you do not provide your KYC documents at the time of periodic updation, bank has the option to close your account. Learn the importance of verifying the identity of businesses that you interact with, and how advancements in digital technologies and virtual data sets can assist in solving verification challenges. Yes. Banks may not ask such customers to submit copies of ‘Officially Valid Documents’ for periodic updation. You can still open a bank account known as ‘Small Account’ by submitting your recent photograph and putting your signature or thumb impression in the presence of the bank official. The key is to use automated, digital processes as much as possible. The ‘Small Accounts’ have certain limitations such as: Such accounts remain operational initially for a period of twelve months and thereafter, for a further period of twelve months if the holder of such an account provides evidence to the bank of having applied for any of the officially valid documents within twelve months of the opening of such account. Falcon® Intelligence Network Financial institutions are required to have procedures in place (such as KYC) to discover high-risk clients, monitor transactions and report suspicious activities. While KYC laws differ from country to country, the general principle involves collecting enough information to properly identify an individual and ensure that their activities are legitimate. Is There Any Difference Between Such ‘small Accounts’ And Other Accounts? KYC means “Know Your Customer”. As these regulations are new, there are many questions that compliance staff and senior executives have about CDD and KYC requirements for AML rules, so we’ve rounded them up for your consideration. What If I Do Not Provide The Kyc Documents At The Time Of Periodic Updation? Protect your business from financial crime while satisfying regulatory standards, including KYC, sanctions screening, and transaction monitoring. Question 20. D: Job Aids. 250+ Kyc Interview Questions and Answers, Question1: What is KYC? neither your permanent address nor your current address), you need to get an Officially Valid Document for Proof of Address containing the current or the permanent address and furnish the same within six months. If the address appearing in the ‘Officially Valid Documents’ (OVDs) submitted for proof of address is no longer your valid address (i.e. Question 4. ... KYC me “Know Your Customer”. Add comment. Reply Delete. Yes. Money laundering is ‘the process by which criminals convert the proceeds of illegal activities into legitimate funds’. Reply. ... A. A copy of the marriage certificate issued by the State Government or Gazette notification indicating change in name together with a certified copy of the ‘Officially Valid Documents’ in the prior name of the person is to be furnished for opening of account in cases of persons who change their names on account of marriage or otherwise. Louise Petty. What is KYC? If these documents also contain your address details, then it would also be accepted as ‘proof of address’. More legal regulations, such as the 4 th AML Directive in Europe and the Final Rule for Customer Due Diligence (CDD) in the US, are coming into effect. There’s an estimated 45 new regulatory documents coming every week so, in effect, there’s always something new in global compliance. Answer : e-KYC refers to electronic KYC. According to Compliance Lawyer Michael Volkov, in the US, “prosecutors and regulatory attorneys will vigorously enforce the new regulations as a means to promote careful compliance.”. Know Your Customer. 3: Anti-Money Laundering/Counter-Terrorist Financing Compliance Programs. What can the members of the public do if they are concerned about the reporting requirements? No,bank does not inform customers about this risk categorisation. For Proof of Address (PoA), you may submit the following documents: Utility bill, which is not more than two months old, of any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill); Bank account or Post Office savings bank account statement; Pension or family Pension Payment Orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertakings, if they contain the address; Letter of allotment of accommodation from employer issued by State or Central Government departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies. What Is E-kyc? In case of opening an account in another bank, however, you will have to undergo KYC exercise afresh. Since debit cards are issued only to account holders and accounts are opened only after the KYC procedure is completed, there is no need for separate KYC for issuing debit card. Search. No, if you have opened a KYC compliant account with a bank, other than a ‘small account’, then for opening another account with the same bank, furnishing of documents is not necessary. Ltd. Wisdomjobs.com is one of the best job search sites in India. You might not require more become old to spend to go to … AML is an acronym for Anti-Money Laundering. A normal account can be opened by submitting a copy of any one of the following documents as Proof of Identity (PoI): Identity card with person’s photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions; (or)letter issued by a gazetted officer, with a duly attested photograph of the person. If you do not provide the required documents for KYC, the bank will not be able to open your account. However, as money launderers have exploited various loopholes, the scope of the laws has expanded to include other types of companies. Customer Communications for Fraud. My Kyc Was Completed When I Opened The Account. How Does E-kyc Work? Learn about interview questions and Page 8/22. The questions are submitted by professionals to help you to prepare for the Interview. Process for 10 companies Between such ‘ small accounts ’ and ‘ of. Bank account two steps in CDD, understanding the Customer 's account or against Cheques Card is as..., you will have to submit any one of the various guidelines / standards / guidance notes issued by Embassy... Further period of three months will be issued transaction monitoring account holders can revive accounts by the... Has expanded to include other types of companies in your first kyc aml questions and answers and interview... You build trust online to protect your business from financial crime while satisfying regulatory standards, KYC. 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