kyc main2
TERM PAPER
ON
KYC & MONEY LAUNDERING
BY
SARTHAK MITTAL
B.A(H)-ECONOMICS
A6018214085
UNDER GUIDENCE OF
MRS. POOJA MEHRA
ACKNOWLEDGEMENT
I would like to express my special thanks of gratitude to my teacher MRS. POOJA MEHRA as well as MR. AJAY VERMA Branch Manager SBI Modern school who gave me the golden opportunity to do this wonderful project on the topic KYC AND MONEY LAUNDERING which also helped me in doing a lot of Research and I came to know about so many new things I am really thankful to them.
Secondly I would also like to thank my parents and friends who helped me a lot in finishing this project within the limited time.
I am making this project not only for marks but to also increase my knowledge.
THANKS AGAIN TO ALL WHO HELPED ME.
INTRODUCTION
KYC or “Know your Customer” is a term used for customer identification or verification process. It tries it's best in making reasonable efforts to find out original identity and beneficial ownership of accounts, source of funds, financial dealings, the nature of customer’s business, reasonableness of operations in the account in relation to the customer’s business(transaction), etc which in turn helps the banks to manage their risks prudently. The objective of the KYC guidelines is to prevent banks being used, intentionally or unintentionally by criminal elements for money laundering. OR
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 pertinent to doing financial business with them. Know your customer policies are becoming increasingly important globally to prevent identity theft fraud, money laundering and terrorist financing. Beyond name matching, a key aspect of KYC controls is to monitor transactions of a customer against their recorded profile, history on the customer's accounts and with peers.
Who is a customer of the Bank?
For the purpose of KYC Policy, a
ON
KYC & MONEY LAUNDERING
BY
SARTHAK MITTAL
B.A(H)-ECONOMICS
A6018214085
UNDER GUIDENCE OF
MRS. POOJA MEHRA
ACKNOWLEDGEMENT
I would like to express my special thanks of gratitude to my teacher MRS. POOJA MEHRA as well as MR. AJAY VERMA Branch Manager SBI Modern school who gave me the golden opportunity to do this wonderful project on the topic KYC AND MONEY LAUNDERING which also helped me in doing a lot of Research and I came to know about so many new things I am really thankful to them.
Secondly I would also like to thank my parents and friends who helped me a lot in finishing this project within the limited time.
I am making this project not only for marks but to also increase my knowledge.
THANKS AGAIN TO ALL WHO HELPED ME.
INTRODUCTION
KYC or “Know your Customer” is a term used for customer identification or verification process. It tries it's best in making reasonable efforts to find out original identity and beneficial ownership of accounts, source of funds, financial dealings, the nature of customer’s business, reasonableness of operations in the account in relation to the customer’s business(transaction), etc which in turn helps the banks to manage their risks prudently. The objective of the KYC guidelines is to prevent banks being used, intentionally or unintentionally by criminal elements for money laundering. OR
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 pertinent to doing financial business with them. Know your customer policies are becoming increasingly important globally to prevent identity theft fraud, money laundering and terrorist financing. Beyond name matching, a key aspect of KYC controls is to monitor transactions of a customer against their recorded profile, history on the customer's accounts and with peers.
Who is a customer of the Bank?
For the purpose of KYC Policy, a