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KNOW YOUR CUSTOMER (KYC) AND PREVENTION OF MONEY LAUNDERING (PML) POLICY Ref No: RI091700736NW736 Date: 08th Sept 2017CircularKnow Your Customers and Prevention of Money Laundering Policy 2017TATA

How to fill out circular know your customers

How to fill out circular know your customers

1. Gather all the necessary information about your customers, such as their personal details, contact information, and identification documents.
2. Develop a standardized form or document that includes all the required fields for the circular know your customers process.
3. Clearly explain the purpose and importance of the circular know your customers process to your customers.
4. Provide clear instructions on how to fill out the form, including any specific guidelines or requirements.
5. Ensure that the form includes sections for the customers to provide accurate and up-to-date information.
6. Double-check the completed forms for any missing or inconsistent information.
7. Verify the provided information by conducting appropriate background checks or verification processes.
8. Store the filled-out forms securely and in compliance with data protection regulations.
9. Periodically review and update the circular know your customers forms to ensure they remain relevant and effective.
10. Train your employees on how to properly handle and process the filled-out forms.

Who needs circular know your customers?

1. Financial institutions, such as banks and insurance companies, need circular know your customers to comply with anti-money laundering (AML) and Know Your Customer (KYC) regulations.
2. Online service providers, such as e-commerce platforms and payment processors, need circular know your customers to mitigate the risk of fraud and identity theft.
3. Government agencies and departments may require circular know your customers to ensure the security and integrity of sensitive information.
4. Professional service firms, including legal and accounting firms, may implement circular know your customers as part of their due diligence processes in dealing with clients.

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What is circular know your customers?

Circular know your customers is a regulatory requirement that mandates financial institutions to verify and gather information about their customers to prevent money laundering and fraud.

Who is required to file circular know your customers?

Financial institutions such as banks, credit unions, and other regulated entities are required to file circular know your customers.

How to fill out circular know your customers?

Circular know your customers forms typically require information such as customer's name, address, identification documents, and purpose of the account.

What is the purpose of circular know your customers?

The purpose of circular know your customers is to establish the identity of customers, assess potential risks, and prevent illicit activities such as money laundering and terrorist financing.

What information must be reported on circular know your customers?

Information such as customer's name, address, contact details, occupation, identification documents, and transaction history may need to be reported on circular know your customers.