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Anti Money Laundering and Prevention of Terrorist Financing

To conform to and comply with the laws relating to Anti Money Laundering and Prevention of Terrorist Financing, Banks are mandatorily required to follow certain procedures, especially in connection with the concept known as "Know Your Customer", in respect of existing customers as well as new customers. Under these regulations Banks need to,

  • Identify customers and verify addresses by way of authenticated documentary proof, ascertain sources of income and for non-individuals obtain details of business activities and call for statements of accounts, etc.
  • Call for any other information or documents required to make an assessment of a customer risk profile.
  • Make inquiries in regard to any transaction which does not fall within the known customer profile.

Whilst the above are the minimum requirements to be complied with by all financial institutions they are liable to face heavy penalties for any non adherence.

The Public dealing with Banks are therefore required to cooperate with Banks in their efforts to control Money Laundering and Terrorist Financing by providing any information and documents called for, which will ensure uninterrupted and smooth service in their transactions with the institution they are dealing with.


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