Banking presentation

ACCOUNT OPENING FORMALITIES

Applicant should attend the Bank personally

Furnished with abridged version of rules.

Dully fill in and sign the prescribed application form

Submit one copy of the recent passport size photographs; affixed on application form

Incase of illiterate person, 2 photos-affixed in passbook and other in account opening form

Account holder’s signatures must be legible and well formed

Signatures in capital or block letters are not acceptable.

Other Requirements

PAN Number/ declaration in Form 60

Form 61- Agricultural Income

Minor-Date of Birth

Illiterates- Identification Marks

Application form submitted with initial deposit

KYC NORMS

The applicant will need to furnish proof of identity and proof address:

Proof of Identity:1. Passport2. Voter ID Card3. PAN Card4. Govt./Defense ID Card5. ID cards of reputed employers.6. Driving Licenses.

Proof of Address :1. Credit Card Statement

2. Salary Slip

3. Income/Wealth Tax Assessment Order.

4. Electricity Bill

5. Telephone Bill

6. Statement of Bank account

7. Letter from reputed employer

8. Letter from any recognized authority

Additional documents may also be called for…in case of doubts.

Joint Accounts not closely related- establish their identity & address separately

For No Frill savings bank account;

2 photographs of person

Self certified address proof

Balances limited to Rs 50000 & total transaction per year Rs 200000

On exceeding limit-Normal KYC norms

Officer scrutinize originals of photo ID/Address proof & satisfy prima facie authenticity.

Photocopies are authenticated & kept long with account opening form.

PREVENTION OF ANTI-MONEY LAUNDERING

Section 3 of the Prevention of Money Laundering

Act, 2002 (PMLA)

“whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or is actually involved in any process or activity connected with the proceeds of crime and projecting it as untainted property shall be guilty of offence of money-laundering.”

Amendment on Feb 2005 based on recommendations made by the Financial Action Task Force (FATF) on Anti Money Laundering (AML) standards and  on Combating  Financing of Terrorism (CFT).

AML centers around following measures:

Customer Identification Procedure – “Know Your Customer” norms.

Recognition, handling and disclosure of suspicious transactions

Appointment of Money Laundering Reporting Officer (MLRO)

Staff Training

Maintenance of Records

Audit of Transactions

Role Play