Hi I would like to know the guidelines as well as the key aspects of the KYC requirement for Syndicate Bank?

The purpose of KYC guidelines is to prevent banks from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities.

Guidelines:
1. Branches should maintain in mind that the information collected from the customer for the purpose of opening of account is to be treated as confidential and details thereof are not to be divulged for cross selling as well as any other like purposes.

2. Branches shall also ensure that any remittance of funds by way of demand draft,
mail/telegraphic transfer or any other mode and issue of travellers’ cheques for value of Rupees fifty thousand and above is effected by debit to the customer’s account or against cheques and not against cash payment.

3. Branches shall also ensure that the provisions of Foreign Contribution and Regulation Act, (FCRA) 1976 as amended from time to time wherever applicable are adhered to strictly.

4. They shall abstain from from opening accounts in the name of banned organizations and those without registration. In this association, branches shall be guided by the circulars issued from time to time.

Key Elements of the KYC Policy

Following are 4 key elements of our KYC policy:

1. Customer Acceptance and Customer Severance Policy
2. Customer Identification Procedures;
3. Monitoring of Transactions;
4. Risk Management

sample format of the KYC application