Monday, August 22, 2011

State Bank of India BHU implements 'Know Your Customer' norms

State Bank of India, Banaras Hindu University, implemented "Know Your Customer" norms in Varanasi on August 1, 2011. Under the RBI guidelines banks were advised to follow certain customer identification procedure for opening of accounts and monitoring transactions of a suspicious nature for the purpose of reporting it to appropriate authority. These ‘Know Your Customer’ guidelines have been revisited in the context of the Recommendations made by the Financial Action Task Force (FATF) on Anti Money Laundering (AML) standards and on Combating Financing of Terrorism (CFT). These standards have become the international benchmark for framing Anti Money Laundering and combating financing of terrorism policies by the regulatory authorities.
Photo: PPP Cell-BHU

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