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View Hardik  Nayak 's Profile

KYC

What is KYC?
Asked by Hardik Nayak | July 23, 2012 | Report this Report abuse
Replies (2)
View rajeev  mathur 's Profile
KYC norms requires that while opening a D Mat account,bank acocunt, buying Mutual Funds, one needs to give the proof of identity and residence. you need to produce a BSNL land line phone bill, electricity bill as proof of address. ration card is not accepted as proof of address. some times even the copy of registration of house property too is not accepted.
August 02, 2012 | Report this Report abuse
View Gitika  Roy 's Profile
Know your customer (KYC) is the due diligence and bank regulation that financial institutions and other regulated companies must perform to identify their clients and ascertain relevant information to do financial business is with them.

Know your customer policies are becoming increasingly important globally to prevent identity theft, fraud, money laundering and terrorist financing. One aspect of KYC checking is to verify whether the customer is on any list of known fraudsters, terrorists or money launderers, such as the Office of Foreign Assets Control's Specially Designated Nationals list.
August 01, 2012 | Report this Report abuse
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