Know Your Customer (KYC) norms are required to be strictly followed by banks. It means

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	providing improved customer services
B	determining the identify and residence proof of account holders through approved documents
C	ensuring that staff members know the customers
D	organising regular customer service meetings

Explanation:

Detailed explanation-1: -Know Your Customer (KYC) standards are designed to protect financial institutions against fraud, corruption, money laundering and terrorist financing. KYC involves several steps to: establish customer identity; understand the nature of customers’ activities and qualify that the source of funds is legitimate; and.

Detailed explanation-2: -KYC means “Know Your Customer”. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks’ services are not misused. The KYC procedure is to be completed by the banks while opening accounts and also periodically update the same.

Detailed explanation-3: -There shall be a Know Your Customer (KYC) policy duly approved by the Board of Directors of REs or any committee of the Board to which power has been delegated. 5.

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