INSUBCONTINENT EXCLUSIVE:
MUMBAI: The Reserve Bank of India (RBI) has updated the know your customer (KYC) norms for banks and financial entities it regulates for the
first time since February 2016 reiterating that no account is opened in an anonymous or fictitious name.
"Regulated entities (REs) have to
ensure that no account is opened where the RE is unable to apply appropriate customer due diligence (CDD) measures, either due to
also been told not to allow any transaction or account relationship without following the CDD procedure and the mandatory information to be
sought for KYC purpose while opening an account and during the periodic updation.
However banks have to be careful that additional
information is obtained with the explicit consent of the customer
customer is permitted to act on behalf of another person/entity, is clearly spelt out
