ONE DOCUMENTARY PROOF OF
ADDRESS
RBI FURTHER SIMPLIFIES KYC
NORMS FOR BANK ACCOUNTS
Know Your Customer (KYC) Norms/Anti-Money
Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)
/Obligation of banks under Prevention of Money
Laundering Act (PMLA), 2002 – Clarification on Proof of Address while
opening a bank account by individuals.
Reserve Bank has been
receiving representations/references from various quarters’ especially migrant
workers, transferred employees, etc. regarding problems faced in submitting a
proof of current/permanent address while opening a bank account. The matter has
since been examined in the light of amendment to the Prevention
of Money Laundering Rules (Maintenance of Records), 2005, and
accordingly it has been decided to simplify the requirement of submission of
‘proof of address’ as follows:
F Henceforth,
customers may submit only one documentary proof of
address (either current or permanent) while opening a bank
account or while undergoing periodic updation. In case the address mentioned as
per ‘proof of address’ undergoes a change, fresh proof of address may be
submitted to the branch within a period of six
months.
F In
case the proof of address furnished by the customer is not the local address or
address where the customer is currently residing, the bank may take a
declaration of the local address on which all correspondence will be made by
the bank with the customer. No proof is required to be submitted for such
address for correspondence/local address. This address may be verified by the
bank through ‘positive confirmation’ such as acknowledgment of receipt of (i)
letter, cheque books, ATM cards; (ii) telephonic conversation; (iii) visits;
etc. In the event of change in this address due to relocation or any other
reason, customers may intimate the new address for correspondence to the bank
within two weeks of such a change.
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