Dear Candidate,

There is Urgent Opening for KYC Officer in a Leading MNC Bank.

Qualification: Grad
Experience: Minimum 1-2 year.
Location: BKC
Salary: 2.40lacs.
JD:-
1. Classifying clients as per the risk category.
2. Production of KYC profile to high quality standard.
3. Routing of completed profiles to the Quality Assurance Officers (QAO) for technical signoff on
information gathered.
4. Customer Due Diligence as per the guidelines.
5. Obtain and update all missing client documentation from client (with the help of the RMs /
Client Liaison group).
6. Escalation of pending issues/profiles to QAO with accurate updation of Management
information.
7. Communicate clearly in writing with team members & Preparing MIS on daily basis.

. What is KYC?
KYC is an acronym for Know your Customer, a term used for customer identification process.
It involves making reasonable efforts to determine true identity and beneficial ownership of
accounts, source of funds, the nature of customers business, reasonableness of operations in the
account in relation to the customers business, 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.
KYC has two components - Identity and Address. While identity remains the same, the address
may change and hence the banks are required to periodically update their records.
I had submitted my driving licence as a proof of identity and address but still the bank
asked for telephone / electricity bill.
There are two aspects of Customer Identification. One is establishing identity and the other is
establishing present residential address.
For establishing identity, the bank requires any authentic document carrying photo of the
customer such as driving licence/ passport/ pan card/ voters' card etc. Though these documents
carry the residential address of the customer, it may not be the present address. Therefore, in
order to establish the present address of the customer, in addition to passport/ driving licence /
voters' card / pan card, the bank may ask for utility bills such as Telephone / Electricity bill etc.
The detailed list of the documents that the bank can ask is given below.
Features Documents
Accounts of Individuals
- Legal name and any other
names used
(i) Passport
(ii) PAN card
(iii) Voter's Identity Card
(iv) Driving licence
(v) Identity card (subject to the bank's satisfaction)
(vi) Letter from a recognized public authority or public servant
verifying the identity and residence of the customer to the
satisfaction of bank
- Correct permanent
address
(i) Telephone bill
(ii) Bank account statement
(iii) Letter from any recognized public authority
(iv) Electricity bill
(v) Ration card
(vi) Letter from employer (subject to satisfaction of the bank)
(any one document which provides customer information to the
satisfaction of the bank will suffice)
Accounts of Companies
- Name of the company (i) Certificate of incorporation and Memorandum & Articles of
Association
(ii) Resolution of the Board of Directors to open an account
and identification of those who have authority to operate the
account
(iii) Power of Attorney granted to its managers, officers or
employees to transact business on its behalf
(iv) Copy of PAN allotment letter
(v) Copy of the telephone bill
- Principal place of
business
- Mailing address of the
company
- Telephone / Fax Number
Accounts of Partnership Firms
- Legal name (i) Registration certificate, if registered
(ii) Partnership deed
(iii) Power of Attorney granted to a partner or an employee of
the firm to transact business on its behalf
(iv) Any officially valid document identifying the partners and
the persons holding the Power of Attorney and their addresses
(v) Telephone bill in the name of firm / partners
- Address
- Names of all partners and
their addresses
- Telephone numbers of the
firm and partners
Accounts of Trusts & Foundations
- Names of trustees,
settlers, beneficiaries and
signatories
(i) Certificate of registration, if registered
(ii) Power of Attorney granted to transact business on its behalf
(iii) Any officially valid document to identify the trustees,
settlors, beneficiaries and those holding Power of Attorney,
founders / managers / directors and their addresses
(iv) Resolution of the managing body of the foundation /
association
(v) Telephone bill
- Names and addresses of
the
founder, the managers /
directors and the
beneficiaries
- Telephone / fax numbers
Accounts of Proprietorship Concerns
- Proof of the name,
address and activity of the
concern
* Registration certificate (in the case of a registered concern)
* Certificate / licence issued by the Municipal authorities
under Shop & Establishment Act,
* Sales and income tax returns
* CST / VAT certificate
* Certificate / registration document issued by Sales Tax /
Service Tax / Professional Tax authorities
* Registration / licensing document issued in the name of the
proprietary concern by the Central Government or State
Government Authority / Department.
* IEC (Importer Exporter Code) issued to the proprietary
concern by the office of DGFT as an identity document for
opening of bank account.
* Licence issued by the Registering authority like Certificate
of Practice issued by Institute of Chartered Accountants of
India, Institute of Cost Accountants of India, Institute of
Company Secretaries of India, Indian Medical Council, Food
and Drug Control Authorities, etc.
Any two of the above documents would suffice. These
documents should be in the name of the proprietary concern.

I am a daily wage earner without any document to satisfy the bank about identity and
address. Can I open a bank account?
A customer belonging to low income group who is not able to produce documents to satisfy the
bank about his identity and address, can open bank account with an introduction from another
account holder who has been subjected to full KYC procedure provided that the balance in all his
accounts taken together is not expected to exceed Rupees Fifty Thousand (Rs. 50,000/-) and the
total credit in all the accounts taken together is not expected to exceed Rupees One Lakh (Rs.
1,00,000/-) in a year. The introducers account with the bank should be at least six months old
and should show satisfactory transactions. Photograph of the customer who proposes to open the
account and also his address needs to be certified by the introducer,
or
any other evidence as to the identity and address of the customer to the satisfaction of the bank.
If at any point of time, the balance in all his/her accounts with the bank (taken together) exceeds
Rupees Fifty Thousand (Rs. 50,000/-) or total credit in the account exceeds Rupees One Lakh
(Rs. 1,00,000/-) in a year, no further transactions will be permitted until the full KYC procedure
is completed.
In order not to inconvenience the customer, the bank will notify the customer when the balance
reaches Rupees Forty Thousand (Rs. 40,000/-) or the total credit in a year reaches Rupees Eighty
thousand (Rs. 80,000/-) that appropriate documents for conducting the KYC must be submitted
otherwise operations in the account will be stopped.
The objective of KYC guidelines is to prevent banks from being used, intentionally or
unintentionally, by criminal elements for money laundering activities. Related procedures also
enable banks to know or understand their customers, and their financial dealings better. This
helps them manage their risks prudently. Banks usually frame their KYC policies incorporating
the following four key elements:
Customer Policy;
Customer Identification Procedures;
Monitoring of Transactions; and
Risk management.
For the purposes of a KYC policy, a Customer/user may be defined as :
a person or entity that maintains an account and/or has a business relationship with the
bank;
one on whose behalf the account is maintained (i.e. the beneficial owner);
beneficiaries of transactions conducted by professional intermediaries, such as Stock
Brokers, Chartered Accountants, Solicitors etc. as permitted under the law, and
any person or entity connected with a financial transaction which can pose significant
reputational or other risks to the bank, say, a wire transfer or issue of a high value
demand draft as a single transaction.