1.

Which of the following document is not required to be produced by firms for opening
account ?
A) Partnership deed and partnership letter
B) OVD and PAN of all the partners
C) PAN of the firm
D) Resolution by the firm for opening of account
2.On approval by Checker at LCPC scanned images are transmitted to________ for upload to
CERSAI
A) GITC
B) LHO
C) BRANCH
D) CORPORATE CENTER
4.Which document can not be accepted while opening an account of limited company?
A) Company PAN
B) Certificate of Incorporation
C) Registered MOA and AOA
D) If not PAN then Form 60
5.Discrepant/incomplete images can be rejected by maker at LCPC by choosing appropriate
reasons from the drop-down menu available in the_____
A) LCPC Workflow
B) CBS
C) CKYC Interface
D) CKYCR Interface
7. Offence of money laundering is defined under
A) Section 3 of Prevention of Money Laundering Act (PMLA 2002)
B) RBI Act 1934
C) SBI Act 1959
D) Only A
8.Who has to sign the COS 38 while opening account of HUF
A) Karta and All adult coparceners of HUF
B) only adult coparceners of HUF
C) All coparceneres of HUF
D) only Karta
9.Customer can be classified under?........kind of risk category as per KYC/AML/CFT policy.
A) Four
B) Three
C) Two
D) One
10. A social engineering attack, typically using spoofed email addresses and links to trick people
into providing login credentials, credit card numbers, or other personal information is known
as?
A) Smishing
B) Phishing
C) Baiting
D) pharming
12.On successful completion of CKYC process, how the customer gets to know his/her CKYC
number?
A) CKYC number generated will be advised to customer by e-mail ID by GITC Belapur
B) CKYC number generated will be advised to customer by SMS on the registered mobile
number by CERSAI
C) CKYC number generated will be advised to customer by SMS on the registered mobile
number by GITC Belapur
D) CKYC number generated will be advised to customer by SMS on the registered mobile
number by LCPC
13.Which among the following category customer can be classified under Low Risk?
A) Import/Export customers
B) Trust
C) Statutory bodies
D) Partnership Firm
15.While creating new CIF,which amongst the following is not mandatory field?
A) Landline number
B) First name
C) Date of Birth
D) Last name
16.In case of account of Trust, how to identify the beneficial owner as per master directions on
KYC by RBI?
A) the identification of beneficial owner(s) shall include identification of the author of the trust,
the trustee, the beneficiaries with 15% or more intrest in the trust and any other natural person
exercising ultimate effective control over the trust through a chain of control or ownership
B) identification of beneficial owner(s) shall include identification of the author of the trust, the
trustee, the beneficiaries with 20% or more intrest in the trust and any other natural person
exercising ultimate effective control over the trust through a chain of control or ownership
C) identification of beneficial owner(s) shall include identification of the author of the trust, the
trustee, the beneficiaries with 5% or more intrest in the trust and any other natural person
exercising ultimate effective control over the trust through a chain of control or ownership
D) identification of beneficial owner(s) shall include identification of the author of the trust, the
trustee, the beneficiaries with 1O% or more intrest in the trust and any other natural person
exercising ultimate effective control over the trust through a chain of control or ownership
17.With in how many days of commencement of Account based relationship with a client , as a
reporting entity SBI is required to file electronic copy of its customers KYC records to CERSAI ?
As per GOI instructions .
A) 3 days
B) 14 days
C) 10 days
D) 7 days
19. 2nd Scrutiny of images and CIS/AOF is done by
a) Maker at LCPC
b) Maker & Checker at LCPC
c) Checker at LCPC
d) AGM LCPC
21. Within how many months customer can submit updated OVD with current address after
submitting deemed OVD?
a) 1 Month
b) 2 Months
c) 3 Months
d) 6 Months
22.Debit transactions are allowed in new accounts only?
a) When LCPC maker approves the CIF
b) When LCPC checker approves the CIF
c) When CERSAI approves the CIF
d) When GITC approves the CIF
23.Which is not an element of KYC policy guideline?
a)Customer Acceptance Policy (CAP)
b) Risk Management
c) Customer identification Procedures (CIP)
d) Non Monitoring of Transactions
24.Which one of the following does not constitute elements of KYC as per KYC policy ?
a) Customer Acceptance Policy
b) Monitoring of Transactions
c) Customer identification Procedure
d) Customer Acqisition procedure
25.As per PMLA-2002 every reporting entity shall within____ days after the commencement of
an account-based relationship with a client, file the electronic copy of the client?s KYC records
with the Central KYC Records Registry.
a) 3 days
b) 14 days
c) 10 days
d) 7 days
26.Sensitive Personal Data or Information (SPDI) inclusive of 1) Financial information,2) Health
information 3)Genetic Data 4)Biometric data 5)Passwords
a) All 1,2,3,4&5
b) Only 2,3,4
c) Only 1,2,3
d) Only 2,4,5
27.During V-CIP process while ensuring that customer is physically present in india ,Live location
of him/her must be captured through?
a) Geo Tagging
b)GPS Location
c) GPS Tagging
d) Loco Tagging
28.Images of AOF are allotted to maker on what basis at LCPC?
A) Allotted on Robin Round basis
B) Allotted on first come first out
C)Allotted On random basis
D)None of the above
29.Fresh JHF/HUF letter (COS 38) need to be obtained in case of?
a) Only on death of coparcener
b) Only on Birth of coparcener
c) None of the above
d) Both A&B

30. FATCA Stands for

a) Foreign Accounts Tax Compliance Act (USA)
b) Foreign Account Tax Compliance Act
c) Foreigner?s Accounts Tax Compliance Act
d) Foreigner?s Account Tax Compliance Act
37.A customer having CKYC number approaches branch and wants to open an account. He has
completed his AOF in all respect. But at that moment he was not carrying original valid KYC
documents with him. Can we open his account?
a) No, Branch has to obtain fresh copies of OVDs and then proceed to open his account
b) Yes, but only after verifying any other additional identification documents or details
c) Yes, but only after verifying original valid KYC documents
d) Yes, but only after retrieving KYC records online from the CKYCR by using the KYC identifier
and verifying and ensuring that the data received by CKYCR pertains to the same customer

38. As per RBI Guidelines , what is the periodicity if review of current accounts opened by bank:
a)Monthly
b) Bi monthly
c) Quarterly
d) Half yearly

39.An SB account holder can nominate__________ in his SB account

a) 1 or more
b) Not more than 2
c) Only 1
d) Nomination not permitted in SB account

40.Which among the following is not OVD?

a)Passport
b)Letter issued by the National population register containing details of name and address
c) PAN Card
d) Aadhar Card

43.GIIN stands for

a) Global inter bank identification number
b)Global institution identification number
c) Global intermediary identification number
d) Global income identification number

44.PMLA Act 2002 is concerned about

a) Prevention of money laundering
b)Prevention of trade off
c) Prevention of futures/options
d) None of the above
47.All accounts opened through ?______ shall be made operational only after being subject to
concurrent audit to ensure the integrity of process.
a) V-CIP
b)X-CIP
c) CIP
d) None of the above

48.Which of the following type of accounts are covered under FATCA &CRS?
a) All commercial and Current Accounts only
b) All current and savings bank accounts only
c) All commercial, current, saving bank and term deposits accounts
d) All current,savings bank and term deposits accounts only
52.While requesting for change in nomination in PPF account, which of the following is correct
?
a) No witness is required
b)1 Witness is required
c) No witness is required in case of literate account holder
d) None of the above

In terms of PML Act, what is the period for which, records of transactions between the RE and
the customer, both domestic and international to be retained by RE? for at least
a) Five years
b) Five years from the date of transaction
c) Ten Years
d) Five Years from the date of closure of the account

55.There are two types of accounts under FATCA & CRS

a) Individual Accounts & Non Individual Accounts
b) Individual Accounts & Entity Accounts
c) Entity Accounts & Non Entity Accounts
d) Personal Accounts & Non Personal Accounts
56.Whenever we onboard a new customer, which initial steps branch need to take prior to
setting up of CIF ?
a) Ensure that the customer do not have existing CIF of in CBS database
b) Ask customer to submit undertaking that he has no existing CIF
c) Obtain existing CIF of family member
d) Obtain his CIF if existing in any other bank
57.What Non-Personalised Welcome Kits (NPWKs) doesn’t contain?
a) Cheque Book
b) Green pin
c) INB Kit
d) ATM Card

59.FATCA rules mandate review of accounts only when they qualify

a) having balance of more than USD 50000 as at the end of financial year
b) having balance of more than USD 50000 as at the end of calendar year
c) having balance of more than USD 25000 as at the end of calendar year
d) having balance of more than USD 25000 as at the end of financial year

60.A person holding a PPF account in his name , can nominate?

a) Only 1 nominee
b) 1 or more nominee
c) Not more than 2
d) Nomination not permitted in PPF account

61.Which kind of risks statutory bodies comes under?

a) Medium risk
b) Low risk
c) High risk
d) No risk
62. Beneficial owners name and their shareholding/controlling stake are obtained and recorded
on
a) Annexure I
b) Annexure IV
c) Annexure III
d) Annexure II
64.When there is no change in KYC information, the updation can be carried out through……
a) Branch Channel Only
b) INB &ATM
c) INB,ATM,Branch channel&Yono
d) Through Registered Email id ,Letter, Branch channel, INB,ATM&Yono

65.What is not the purpose of opening of savings account with welcome kits at branches?
a) it will help in decongestion branches by migrating them to alternate channels.
b)To make available cheque book,INB Kit &ATM Card
c) To improve our customer service
d) None of the above
66.Which is not the document required for opening account of a proprietary concern ?
a) Sales and income Tax returns
b) Recommendation letter from Govt Authority
c) Certificate/registration document issued by sales Tax/service tax/professional tax authorities
d) CST/VAT/GST Certificate (provisional/Final)
68.For probable matches triggered by CKYCR, Maker at LCPC finds that the probable match
received from CERSAI does not pertain to the customer for whom the data has been uploaded
by us, then what is next course of action ?
a) Maker will reject these records. New C-KYC number will be generated by GITC
b) Checker will reject these records. New C-KYC number will be generated by CERSAI
c) LCPC Admin will reject these records. New C-KYC number will be generated by CERSAI
d) Maker will reject these records. New C-KYC number will be generated by CERSAI
70.What is defined under section 3 of Master Directions on KYC by RBI?
a) V-CIP
b)X-CIP
c) CIP
d) None of the above

71.Under section 12 of PMLA, which obligation bank’s need not follow?

a) Maintaining a record of prescribed transactions
b) Furnishing information of prescribed transactions to the specified authority
c) Verifying and maintaining record of the identity of itsclients(in other words complying with
the kyc requirements ) and identifying the beneficial owners, if any, of such clients
d) Non maintained of records for 5 years

72.LCPC shall not be responsible for the loss of AOF or KYC documents if
a) All AOF and KYC are not segregated and sent to LCPC with mixed lot
b)AOFs are properly signed
c) Photo not affixed
d) KYC not attested by branch

73.Can priority /order of Queues be changed ?

a) Yes, AGM(LCPC) has to instruct Admin to do that
b) Yes, with the intervention of GITC
c) Yes, AGM(LCPC) only has right to allocate queue as priority
d) No,as system allocates all the queues based on the logic keyed in
74.CRS is applicable to the ?........ accounts
a) US Reportable
b)Other than US Reportable
c) Only A
d) Only B
75.A Joint Hindu Family engaged in business activity can open?......Only
a) Current account
b)Saving bank account
c) Either saving bank account or Current account as per customer needs
d) CC Account only

76.Who keeps the custody of welcome kits at branch?

a) Cash officer
b)Branch Manager
c) Service Manager
d) Joint custodian with vault teller rights
77.In case of account of a new customer, within how many days SBI as a reporting entity
requires filing electronic copy of its customers KYC records to CERSAI?
a) 5 days after opening an account
b) 8 days after opening an account
c) 10 days after opening an account
d) 15 days after opening an account
78.Who among the following are politically exposed persons 1)Heads of states or of
governments 2) senior politicians 3)Senior government/judicial/military officers
a) Only 1
b)Only 2
c)Only 2&3
d)All of them
79.If, customer, at the time of onboarding , voluntarily provide Aadhaar number for
identification purpose , and wants to provide current address different from the address
contained in Aadhaar record,which document may be obtained from the customer in that case,
after ensuring that Aadhar authentication/offline verification is done in all such cases without
fail?
a)Rent agreement with same address as that of Aadhar card
b)Copy of utility bill not more than 6 months old
c)Self Declaration
d)Either of A and B
80.FATCA has been introduced to
a) To help counter tax evasion in the US
b)To help counter tax evasion in india
c)To help counter tax evasion in member nation of UN
d) All are correct
81.CERSAI generates how many digits of CKYC number?
a)10
b)12
c)14
d)16
84.NPWKs are very important for the bank because….
a)As it gets issued on the very same day
b)Almost all the requirement of customer is fulfilled
c)it will help to bank in decongestion of branches by shifting customers to alternate channels
d)All of the above
85.Which of the following are not correct for Relationship Manager(RM) FATCA & CRS?
a) Branch managers of branches with incumbency up to SMGS-V
b)One of the AGMs in branches headed by DGM and above
c) Official authorizing account opening in the branch
d) If there are more than one official handling account opening in the branch, any one of such
officials
87.Who enacted/legislated on FATCA?
a)United states of America
b)United kingdoms
c)United Nations
d)United arab emirates
88.Admin(LCPC) has assigned the role in the system. Who can remove or re-assign this assigned
role?
a) Once allocation done by system, it can not be re-assigned
b) Admin(LCPC) can remove and re-assign
c) Only AGM(LCPC) can remove and re-assign
d) by raising a S-Core request by Admin(LCPC)

21. How many months old utility bill should customer can submit current address proof?
a)1month
2)3 months
c)6 months
d)12 months
RBI has specified KYC standards. KYC standards are required under Anti Money
Laundering (AML) and Combating of Financing of Terrorism (CFT).
Section 3 of the Prevention of Money Laundering Act, 2002 (PMLA) has defined the
“offence of money laundering” as under:
Section 12 of PMLA places the following obligations on the Bank:-
i.maintaining a record of prescribed transactions
ii.furnishing information of prescribed transactions to the specified authority
iii.verifying and maintaining records of the identity of its clients (in other words complying
with the KYC requirements) and identifying the beneficial owners, if any, of such clients
iv.Preserving records in respect of (i) and (ii) above for a period of five years from the
date of transactions, and in respect of (iii) above for a period of five years after the
cessation of relationship with the clients in respect of account opening forms and KYC
documents.

PPF
A Customer wants to cancel the nomination in PPF account ? Form -F

To add nominee ? Form-E

How many Nominee’s in PPF account – 1 or More

How many Witness for nominee register in PPF AC --2 incase of illeterate

We can change PPF nominee any time

The KYC policy has the following four elements

i.Customer Acceptance Policy (CAP) – it
ii. Risk Management –
iii. Customer Identification Procedures (CIP) –
iv. Monitoring of Transactions –
Beneficial Owner(BO) Beneficial owner is an individual who ultimately
owns or controls a client of a reporting entity or the person on whose
behalf a transaction is be ing conduct ed
(a) Where the customer is a company, the beneficial owner is the
natural person(s),who, whether acting alone or t ogether, or t hrough
one or more juridical persons,
has/haveacontrollingownershipinterestorwhoexercisecontrolthrougho
thermeans . “Controlling ownership interest” means ownership
of/entitlement to more than 10percentofthesharesor capitalor
profitsof thecompany. “Control” shall include the right to appoint
majority of the directors or to control themanagement or policy
decisions including by virtue of t heir shareholding or
managementrightsorshareholdersagreementsorvotingagreements.
(b) Where the customer is a partnership firm, the beneficial owner is the
naturalperson(s), who, whether acting alone or together, or through one or more
juridicalperson, has/have ownership of/entitlement to more than 10 per cent of
capital orprofitsofthe partnership.
(c) Where the customer is an unincorporated association or body of individuals,
thebeneficial owner is the natural person(s), who, whether acting alone or
together, orthrough one or more juridical person, has/have ownership
of/entitlement to morethan 15 per cent of the property or capital or profits of the
unincorporated association orbodyof individuals.
(d) Where the customer is a trust, the identification of beneficial owner(s) shall include
identification of the author of the trust, the trustee, the beneficiaries with 10%or more
interest in the trust and any other natural person exercising ultimate
effectivecontroloverthetrustthroughachainofcontrolorownership .
Beneficial Owner - where the customer is a company, the beneficial owner is the
natural person(s), who, whether acting alone or together, or through one or more
juridical persons, has/have a controlling ownership interest or who exercise control
through other means
a. “Controlling ownership interest” means ownership of/entitlement to more than 25 per
cent of the shares or capital or profits of the company.
b. “Control” shall include the right to appoint majority of the directors or to control the
management or policy decisions including by virtue of their shareholding or
management rights or shareholders agreements or voting agreements.
c. Where the customer is a partnership firm, the beneficial owner is the natural
person(s), who, whether acting alone or together, or through one or more juridical
person, has/have ownership of/entitlement to more than 15 per cent of capital or profits
of the partnership.
d. Where the customer is an unincorporated association or body of individuals, the
beneficial owner is the natural person(s), who, whether acting alone or together, or
through one or more juridical person, has/have ownership of/entitlement to more than
15 per cent of the property or capital or profits of the unincorporated association or
body of individuals.
e. Term ‘body of individuals’ includes societies. Where no natural person is identified
under (a), (b) or (c) above, the beneficial owner is the relevant natural person who
holds the position of senior managing official
f. Where the customer is a trust, the identification of beneficial owner(s) shall include
identification of the author of the trust, the trustee, the beneficiaries with 15% or more
interest in the trust and any other natural person exercising ultimate effective control
over the trust through a chain of control or ownership

Small Account: means a savings account which is opened in terms of subrule (5) of
the PML Rules, 2005.Small Accounts entails following limitations: (a) the aggregate
of all credits in a financial year does not exceed Rupees one lakh. (b) the aggregate
of all withdrawals and transfers in a month does not exceed Rupees ten thousand;
and (c) the balance at any point of time does not exceed Rupees fifty thousand.
 Provided, that this limit on balance shall not be considered while making deposits
through Government grants, welfare benefits and payment against procurements.

The account shall remain operational initially for a period of twelve months which can
be extended for a further period of twelve months

Officially Valid Documents (OVDs)

a. The Passport
b. The Driving License
c. Proof of Possession of Aadhaar number
d. Voter id Card issued by Election Commission of India
e. Job card issued by NREGA duly signed by an officer of the State Government
f. Letter issued by the National Population Register containing details of name and
address
( Aadhaar number has been redefined to include any alternative Virtual Identity Number (VIN)
generated. Branches/Business Units shall obtain the Aadhaar number from an individual who is
desirous of receiving any benefit or subsidy under any scheme notified under section 7 of the
Aadhaar (Targeted Delivery of Financial and Other subsidies, Benefits and Services) Act, 2016
(18 of 2016), and the same shall be authenticated.

1. If there is a change of name after marriage, then a document shall be deemed to be

an OVD if it is supported by a marriage certificate issued by the State Government or
Gazette notification, indicating such a change of name.

2. Certified copy means - comparing the copy of officially valid document so produced
by the client with the original and recording the same on the copy by the authorised
officer of Bank

• If the OVD furnished by the customer does not contain updated address, the
individual shall submit documents which are termed as deemed OVDs for the
limited purpose of proof of address. The customer shall submit OVD updated with
current address within a period of three months of submitting the above
documents.
oCustomer Due Diligence (CDD)
If the customer, at the time of onboarding, voluntarily provides Aadhaar number for
identification purpose, and wants to provide current address different from the
address contained in Aadhaar records, a self-declaration may be obtained from the
customer to that effect and such current address may be entered in CBS. Further,
Branches /Business Units shall ensure that Aadhaar authentication/ is done in all
such cases without fail.

1. If the OVD submitted by a foreign national does not contain the details of address,
in such case the documents issued by the Government departments of foreign
jurisdictions and letter issued by the Foreign Embassy or Mission in India shall
be accepted as proof of address

a. utility bill which is not more than two months old of any service provider
(electricity, telephone, post-paid mobile phone, piped gas, water bill)
b. property or Municipal tax receipt
c. pension or family pension payment orders (PPOs) issued to retired employees
by Government Departments or Public Sector Undertakings, if they contain the
address
d. letter of allotment of accommodation from employer issued by State Government
or Central Government Departments, statutory or regulatory bodies, public sector
undertakings, scheduled commercial banks, financial institutions and listed
companies and leave and license agreements with such employers allotting
official accommodation However, the customer shall submit OVD updated with
current address within a period of 3 months of submitting the above documents.

Updation of KYC

once in every two years for high risk customers,

once in every eight years for medium risk customers
once in every ten years for low risk customers
Individual Customers:
i. No change in KYC information: In case of no change in the KYC
information, a self-declaration from the customer in this regard shall be obtained
through customer’s email-id registered with the Bank, customer’s mobile number
registered with the Bank, ATMs, digital channels (such as online banking / internet
banking, mobile application of Bank), letter etc.
ii. Change in address: In case of a change only in the address details of the
customer, a self-declaration of the new address shall be obtained from the
customer through customer’s email-id registered with the Bank, customer’s mobile
number registered with the Bank, ATMs, digital channels (such as online banking /
internet banking, mobile application of Bank), letter etc., and the declared address
shall be verified through positive confirmation within two months, by means such
as address verification letter, contact point verification, deliverables etc.
Proprietary Concerns

1. Minimum 2 documents issued in the name of Proprietary Concern from the following
list of documents along with OVD and PAN/Form 60 of the proprietor
Registrationcertificate
2. Certificate/license issued by the Municipal Authorities under Shop & Establishment
Act.
3. Sales and Income Tax returns.
4. CST/VAT/GST Certificate (provisional/
Final)

Certificate/registration document issued by Sales Tax/Service Tax/Professional Tax

authorities

In cases where the Branch / Office is satisfied that it is not possible to furnish two such
documents, they may accept only one of those documents as proof of business/activity.
Provided Branch / Office undertake contact point verification and collect such other
information and clarification as would be required to establish the existence of such firm,
and shall confirm and satisfy itself that the business activity has been verified from the
address of the proprietary concern.

Limited Company

1. Certificate of Incorporation dated …………………………………………… (for

inspection and return). A copy of the same is Retained;
2. Memorandum of Association registered on
…………………………………………………… and Articles of Association dated
………………………… obtained;
3. A resolution from the Board of Directors and Power of Attorney granted to its
managers, officers or employees to transact on its behalf;
4. PAN. (Note: PAN is mandatory for companies. Form 60 is not acceptable.)

Partnership Firm

1. Registration Certificate (in case of registered firms);

2. Partnership deed dated………………………………………………………;

PAN of the Partnership Firm (Note: PAN is mandatory for Partnership firms. Form
60 is not acceptable.Trust
1. Registration Certificate;
2. Trust Deed; and
3. PAN of the Trust; and
4. (a) OVD; and (b) Permanent Account Number of Form 60 issued to the person
holding POA on its behalf Other Documents

HUF

1. Joint Hindu Family Letter (The existing Joint Hindu Family Letter (Part-A)
shall continue to be used for HUFs whose funds relate to business and
modified Joint Hindu Family Letter (Part -B) should be used for HUFs
whose funds do not relate to business.)dated ………and No. …… Obtained
on Cos 38, signed by all the adult coparceners Family (HUF)
2. Declaration from the Karta
3. OVD and PAN of Karta
4. OVD and PAN of adult coparceners
5. PAN Card or Form 60of Joint Hindu Family

On death of a coparcener, birth of a coparcener and a minor coparcener attaining

majority (18 years), a fresh JHF letter (COS 38) has to be executed Declaration that a)
the depositor is the Karta of the Joint Family, b) the deposit belongs to JHF

Accounts of PoliticallyExposed Persons (PEP)

sufficient information including information about the sources of funds accounts of family
members and close relatives is gathered on the PEP

“Politically Exposed Persons” (PEPs) are individuals who are or have been entrusted
with prominent public functions by a foreign country, including the Heads of
States/Governments, senior politicians, senior government or judicial or military officers,
senior executives of stateowned corporations and important political party official

The following can open a Current Account – as stated above if the purpose is other
than savings than almost anyone can open a Current Account. The list could be as under:
1. Individuals
2. Proprietorship Firms
3. Partnership Firms (Unlimited / Limited Liability)
4. Joint Hindu Family (engaged in business activity then mandatory current account only)
5. Private & Public Limited Company
6. Clubs/ Associations/ Societies of other fiduciary nature
7. Trusts
8. Liquidators
9. Executors and Administrators
10. Banks
11. Local bodies like Municipal Corporations, Zilla Parishads, Taluka Panchayats and
Gram Panchayats are given grants in the nature of ‘compensation and assignments’,
which also form part of budgetary allocation, although taxes collected by these
bodies are not covered under the definition and scope of budgetary allocation of
Central and State Governments.

➢ Accounts of jewellers/bullion dealers, NRIs, HNIs, trusts, charities, NGOs, PEPS,

non-face to face persons to be categorized as high risk requiring enhanced due
diligence
Common issues related to Account Opening:
Following common irregularities are pointed out by the Inspecting officials during Audit:
➢ Documents obtained viz. Proof of ID, Proof of Address and Photograph are not
held on record.
➢ Proof of ID, Proof of Address and Photograph are not updated, as prescribed / Full
particulars of the documents are not entered in the CBS correctly.
➢ Multiple CIF of same branch or at different branches have not been
deduped/merged into a single CIF.
➢ Passbooks including duplicate Passbooks and Welcome Kits are not handed over
to the Account Holders under acknowledgement.
➢ Welcome Kits are not kept in Joint Custody.
➢ Welcome kits are not handed over to the Account Holders under
acknowledgement.
➢ Welcome Kits are not reconciled at the prescribed periodicity.
➢ Cheque books including Emergency Cheque Books are not issued against
requisition slips/ written request after verifying the identity and signature of the
customer.
 ➢ Undelivered cheque books are not deactivated immediately in CBS and kept under
joint custody and not destroyed as per guidelines.
➢ In all inoperative a/cs with balances over Rs 25,000, all extant guidelines for such
cases are not meticulously followed
➢ Inoperative Accounts are not revived, and operations permitted without
authorization, verification of addresses, signatures & identity of the customer.
➢ Communications is not sent to all customers (who’s a/cs have a balance of Rs.
5,000 & above and where no customer-induced transactions have taken place for
more than a year) for ascertaining reasons for non-operation. (For details please
go through report folder of end of June and December)
➢ In all inoperative a/c's with balances over Rs 25,000/-, where communication
forwarded to account holders is returned undelivered extant guidelines viz enquiry
through telephone, e-mail, contact through employers or any other known person,
legal heirs etc. are not followed.
➢ Welcome Letter returned undelivered are not recorded in system and appropriate
action not taken.
➢ Specimen signatures are not scanned and uploaded in the system.
➢ Account opening forms (AOFs) are not sent to e-DAC on prescribed interval using
the Workflow module and discrepant AOF are not rectified and submitted.
➢ SB accounts opened for Government / Quasi Govt. Depts without obtaining proper
authority letter from the competent authority of the concerned Govt. Dept. and
proper record not maintained.
➢ Mismatch in information on PAN card & Officially valid document (OVD)/mandatory
document submitted as Customer Due Diligence (CDD)

Video based Customer Identification Process (V-CIP)

(i) the validity of Aadhaar XML file / Aadhaar Secure QR Code and
(ii) to undertake the video process has been amended to ‘three working days.”
Concurent audit must take place on V-CIP

EDD- Enhanced Due Diligence procedure is followed before establishing Account

based relationship with Accounts of Politically Exposed Persons (PEPs)?

(a) sufficient information including information about the sources of funds accounts of
family members and close relatives is gathered on the PEP;
 (b) the identity of the person shall have been verified before accepting the PEP as a
customer;
(c) the decision to open an account for a PEP is taken at a senior level in accordance
with the Bank’s Customer Acceptance Policy;
(d) all such accounts are subjected to enhanced monitoring on an on-going basis;
(e) in the event of an existing customer or the beneficial owner of an existing account
subsequently becoming a PEP, senior management’s approval is obtained to continue
the business relationship;
(f) the CDD measures as applicable to PEPs including enhanced monitoring on an on-
going basis are applicable.
These instructions shall also be applicable to accounts where a PEP is the beneficial
owner

✓ New AOF, Pre-LCPC AOFs, AOFs under CKYC and KYC documents are to be
segregated and sent in separate envelop to LCPC marking the type of documents sent
in the envelop, otherwise whole bunch will be returned without acceptance from LCPC
as there is no sorting section of AOFs at LCPC.
✓ LCPC shall not be responsible for loss of AOF or KYC Documents if sent with mixed
lot.

Process at LCPC
➢ Menus provided through CKYC interface for second scrutiny.
➢ Allocation of records for scrutiny on the basis of available tellers in the system
nd
➢ Images and CIS/AOFs will be available to LCPC maker & checker for 2 scrutiny.
➢ Approved records are processed and debit freeze will be removed and sent to CERSAI
automatically.

Generation of C-KYC number

❖ The CKYC number generated will be advised to the customer by SMS on the registered
mobile number by GITC Belapur.

CKYC Dashboard
 ❖ SBI Times -> My Workplace -> Useful links 1 -> CKYC Dashboard
CKYC – Common Irregularities

(a) Images are not being uploaded properly according to file size and type i.e. jpg for signature &
photo and pdf for AOF/other documents.
(b) Mandatory / starred (*) fields in AOFs are not completely filled in.
(c) Partial upload / Non uploading of documents.(Part-I / Part-II / AOF / POI / POA / Others).
(d) Uploading of documents not in respective tabs.
(e) Non verification of Photocopies / Documents with signature, name and SS number of Bank
Official.
(f) Photograph not verified with signature, name and SS number.
(g) Valid KYC documents not obtained i.e. name in AOF and ID proof is not matching).
(h) PAN / Form-60 / FATCA is not available.
(i) Non-Updation of Screen “60429” personal Details in CBS.
(j) In respect of Joint Accounts, Part-I of AOF of all the account holders are required and CIFs
are to be linked with account.
(k) Guardian’s CIF is to be created and linked to all minor accounts, even if the age of the minor
is more than 10 years.
(l) Part-I of AOF and CIF number for related persons / beneficial owners / POA holders are
required and CIFs are to be linked with account.
(m)Mandate for mode of operation in respect of joint account is required.
(n) Nomination form (DA-1) is not completely filled in - Age, Relation, witness (wherever
applicable) etc are missing.
(o) More than one nomination in Deposit Account.
(p) In Sukanya Samriddhi Accounts, proof of DOB / Application Form / Annexure not available.
(q) Accounts opened with Pre-CKYC CIFs (CIFs created prior to 06.05.2018 (Roll Out date) do
not require uploading of documents related to CKYC.
(r) Partial uploading of POA and POI documents. Complete document must be uploaded and
verifying official’s signature (with SS no) & seal should be legible.
(s) Documents being uploaded are coded. Sometimes the code & uploaded documents does not
match eg. Code selected for PAN but Aadhar is uploaded.
(t) CIF created for one customer (Say for X) but document’s (AOF,POI,POA etc) uploaded are
different. (Say that of Y).
(u) Only CIF is created, A/C not opened and only Part –I, is uploaded & Part-II not uploaded. This
is permitted in case of loan accounts only and not for Deposit Accounts.
(v) While creating CIF, Loan/Deposit account is not mentioned in comment box.

A detailed Procedure to be followed at LCPC level for scrutiny of images of account opening forms
andscrutinyofphysicalaccount
 SCRUTINY OF IMAGES OF SCRUTINY OF PHYSICAL ACCOUNT
ACCOUNT OPENING OPENING FORMS AT LCPC – NON-
FORMS AT LCPC - C-KYC INDIVIDUALS & INDIVIDUAL
PROCESS ACCOUNTS

Receiving documents at LCPC

Role assignments

Acknowledgment of AOFs in Workflow

Re-allocation of
Queue Scanning of specimen signature

Allocation of forms for account data entry

Receipt of scanned
images at LCPC
Scrutiny of application forms at account opening
section

Scrutiny/Data Data entry for CIF details

Entry by Maker

Data entry for account details

Authorization/
Rejection by
Maker Verification by officer

Receipt/ Scrutiny
of images of AOFs Discrepancy in AOFs and/ or documents
by Checker

Scanning of AOFs and documents

Updation from
CERSAI
Transfer of AOFs to DAC/ LCPC Storage

Submission of KYC documents by branches on

Follow-up and
KYC updation
Monitoring

opening forms are given herewith:

SCRUTINY OF IMAGES OF ACCOUNT OPENING FORMS AT LCPC
PROCESS
Role assignments
Every start of day, Admin at LCPC will mark the availability of Makers and Checkers (i.e.
Present or absent), so that the system allocates all queue to present Makers and
correspondingly to Checkers. Admin has the authority to remove/re-assign any role to the
staff.

Re-allocation of Queue
Admin at LCPC can also re-allocate a set of CIFs to any Maker/Checker and also allocate
any queue as Priority

Receipt of scanned images at LCPC

▪ The LCPC Maker will be allocated the scanned images of AOFs along with
documents.
▪ The images of the AOFs will be assigned to all the makers on round-robin basis
automatically.
▪ Maker will login to C-KYC application. A summary of Makers work will appear on the
screen. All pending CIF will appear on screen on FIFO method sorted by date of
upload.
(Functionary for above : Maker)

Scrutiny/Data Entry by Maker

▪ For scrutinizing a CIF in C-KYC application, the maker will click on the CIF which will
open the split screen - on right side will be CIF data populated from CBS and on left
side will be images of CIS (Part I), AOF(Part II), Proof of Identity (POI), Proof of
Address (POA), and other documents.
▪ The maker will verify the data on right screen with the images of AOFs/documents.
▪ All the documents/fields’ mandatory for uploading to CERSAI needs to be verified.
▪ The maker will enter the missing/non-mandatory fields in the C-KYC application taking
information from the images of AOF and documents. This data will be auto-updated in
CBS.

Updation from CERSAI

▪ The image upload of the approved CIF to CERSAI is a continuous process
▪ On regular intervals, CERSAI updates us about status of the image uploads with 3
responses:
 1) Approved accounts with newly assigned C-KYC number which are automatically
updated in CBS
2) Accounts with probable matches.
3) Rejections (due to technical reasons like zip creation failed)

▪ The LCPC makers need to verify and ascertain that the probable match received from
CERSAI pertains to the customer for whom the data has been uploaded by us.
1) If probable match is correct, Maker will select the record which will auto-update the
C-KYC number from CERSAI in CBS.
2) If probable match is not correct, Maker will reject these records. New C-KYC
number will be generated by CERSAI.
Status of Probable matches for a LCPC is also updated in C-KYC Dashboard under
“Probable Pending” Tab.

▪ The images of Approved CIFs will automatically travel to GITC for upload to CERSAI.

▪ The Dashboard can be accessed from:

SBI Times -> My Workplace -> Useful Links 1 -> C-KYC Dashboard
▪ Apart from these, the dashboard has the facility to get the data for any period
or date. All the reports can be downloaded in PDF/excel format.

Scanning of specimen signature

▪ In-charge, Scanning section shall receive forms from inward Mail section and distribute
to Assistants for scanning
(Functionary for above : In-charge)
▪ Assistant will check signature of customer in CBS for individuals as well as non-
individuals accounts (even after CKYC implementation date). If the signature is already
scanned by the branch, the AOF will be marked as ‘complete’ in Workflow.

Following are some of the observations made by LCPC and reasons of rejection
AOFs and Documents sent by the Branches:
▪ Branch Manager/Authorised officer has not verified / scrutinised AOFs properly along
with documents.
▪ In case of Government accounts, respective forms to be used for obtaining request
from the customer. e.g. for PPF, SCSS, Sukanya Samruddhi A/cs, along with Part I of
all CIF and KYC Documents.
▪ AOFs not used as prescribed, especially in case of current account.
▪ Branches are not obtaining Part I for all the CIF in all/some cases, in case of more than
one account holder for various types of accounts.
▪ Branch officials have not ensured that all fields, Columns filled/attended.
▪ Customer’s and Branch Official’s signature are missing at some/many places.
▪ AOFs Part-I, II not filled properly, handwriting not legible, mandatory information found
blank, which are required for CERSAI. Forms are incomplete, wrongly filled, partially
filled.
▪ If Aadhar does not carrying full birth date, then other document mentioning full date of
birth to be obtained.
▪ In case, two documents submitted by the customer, DOB and Name should be same
in both the documents.
▪ In case of minor’s account branches are opening account with other relative like uncle,
aunty, grandfather, other than guardian in case of father and mother both not
available. In such case prior permission required from district
magistrate, mamlatdar etc. branches are opening account without such permission by
influence of staff or other reputed persons and local authority.
▪ In case of sole minor’s account signature obtained in full capital.
▪ Details of relation with minor not mentioned.
▪ In case of sole minor’s account, Minor’s OVD and Birth Proof to be obtained not
guardians. Column No. 7 in Part I (CIS) guardians details must be obtained.
▪ In part II, columns related to nominations must be filled.
▪ Except Bank Accounts, in all other accounts more than one nominee allowed. In all
cases full details of nominee not obtained, incomplete details observed, like relation,
date of birth of nominee etc.
▪ Signature of witnesses required in case of nomination made by literate customer also,
in Government Accounts, while in Bank Accounts signature of witnesses required only
in case of illiterate customers.
▪ In case of nomination made by illiterate customer, it should be witnessed by two
individuals with full address and contact number.
▪ Further, signature of witnesses not obtained as per applicability discussed above. In
case, more than one person nominated distribution percentage not mentioned.
▪ Date of Birth and relation is very important information in case of nomination. In case
of nominee is a minor, details of guardian to be obtained. However, in some cases it
has not been obtained by branch, found missing/not filled/partially filled.
▪ In case of outside customer, permanent address found different than OVD. Branches
are taking letter from employer and that address mentioned in CBS as permanent
address, instead of correspondence address.
▪ In case of different address than OVD, Branch has not obtained other address
proof.
▪ Other documents in case of non-individual accounts as per KYC guidelines, branches
are not obtaining. Or Documents are incomplete.
▪ Undertaking/Confirmation in case of current a/c that not maintaining/enjoying current
a/c/credit facility with other Bank or Financial Institute.
▪ In case of non-individual accounts, branches are not linking CIFs with account, within
3 to 4 days CIFs became inactive, it cannot be activated at a later date. New CIF has
to be opened and to be linked with account. In such case all the formalities to be
repeated. Duplication of work at branches as well as at LCPC.
▪ In all the cases, signature in capital letters not allowed, hence it should be ensured.
▪ Authorised officials have not signed in form at some or all the places.
▪ An official has signed but SS Number not affixed, even not written manually.
▪ KYC documents not verified with original by the authorised official by affixing SS
Number.
▪ In case of just confirmed officer PO/TO/JMGs who not having SS Number and single
officer, respective RBO has to attested/certify his/her signature and same to be
enclosed along with AOFs. But branches are not enclosing.
▪ Scanning size as prescribed not maintained by Branch.
▪ Branch are uploading documents other than mentioned (Part-I/II, Documents)
▪ Scanned copy of AOF and KYC documents should be legible. AOFs along with Part-
I, II and other documents should clearly scanned by the branch to enable LCPC
verification. Found that not properly scanned and images are not clear. As it can be
verified, it has to be rejected.
▪ Customer’s signature not properly scanned/not appearing complete signature in
CBS.
▪ In case of A/c opened through YONO, photograph uploaded by customer is not
appropriate. Found as modelling photo, selfie, sitting on bike, wearing goggles,
wearing cap/hat etc. which should not be accepted by Branch. Branch has to
reject. Passport size photo for identification purpose to be obtained by branch, as per
KYC guideline so as in case of need, it may be used to furnish authority.
 Chapter-4:Non-Personalized Welcome Kits (NPWKs)
❖ What is Non-Personalised Welcome Kits (NPWKs)?

Non-Personalised Welcome Kit (NPWKs) is kit issued to the customer immediately

who is opening new account with Bank.

❖ What does NPWKs carry?

▪ Cheque Book
▪ INB Kit and details of URL for registration for Internet Banking
▪ ATM Card
▪ User Manual regarding use/Block of ATM Card
▪ Write up for generating PIN
▪ Pay-in-Slips
▪ Customer Care Contact Details like Toll free number, email, SMS, Bank
Website, IVRS etc.

❖ Why NPWKs are important for the Bank?

▪ Issuance of NPWKs to the new customers immediately on opening of account
itself is the USP for Bank.
▪ In one go, all the valuable items which are the immediate requirement of
customers, will be available to them in first visit only.
▪ It will create a good impact among the customers in this competitive scenario.
▪ It is and immense opportunity for the Bank to improve customer service by issuing
NPWKs to the new customers.
▪ It will also help to Bank in decongestion of branches by migrating them to alternate
channels.

To improve our Customer service it is imperative that Non personalised Welcome Kits
should be issued to all customers at the time of account opening itself. The issue of
Welcome Kit to customers which includes INB Kit & ATM card will also help in
decongestion of branches by migrating them to alternate channels.
Personalised Welcome Kits are issued to customers (who specifically request for them)
by sending through speed post from LCPC after collating the cheque book and ATM card
from the vendors.

NPWK
There should not be any Welcome Kit with ‘Hold’ status for more than 5 days

Threshold limit fixed in NPWK by LCPC

GITC directly NPWK to Branches through India Post.

The report containing particulars of dummy accounts created along with cheque
details will be downloaded from CDC

Pendency of Welcome Kit will be monitored by Nodal Officer at LCPC.

❖ Process for Welcome Kit:

 Defining Threshold and Monitoring of
Welcome Kit inventory position of linked
branches

Indenting for NPWKs

Blocking of dummy accounts in system

Generation of Reports and File extracts

Monitoring of Non-Personalized Welcome

Kit

Preparation and despatch of Welcome Kit

for Personalized Welcome Kits

Preparation and despatch of Non-

Personalized Welcome Kits (NPWKs)

Generation and Despatch of Welcome Letter

&
Nomination Letter

Undelivered Welcome Letter & Nomination

Letter

Defining Threshold and Monitoring of Welcome Kit inventory position of linked

branches

In charge welcome kit shall define threshold limit of welcome kits for each branch

Blocking of dummy accounts in system

▪ Once the list of branches is finalized, the officer concerned shall enter the relevant menu
in the system for blocking dummy accounts.
▪ The officer shall then generate request for blocking accounts, for each branch in the list.
▪ Particulars of the accounts blocked will be recorded in a register.

Generation of Reports and File extracts

▪ The report containing particulars of dummy accounts created along with cheque details
will be downloaded from CDC and printed.
▪ Cheque extracts will be sent by workflow team at GITC directly to Centralized Security
Printers, which print Cheque-books and after collating ATM Cards, despatch the
NPWK to Branches through India Post.

Monitoring of Non-Personalized Welcome Kit

▪ Pendency of Welcome Kit will be monitored by Nodal Officer at LCPC.

▪ There should not be any Welcome Kit with ‘Hold’ status for more than 5 days.

Preparation and despatch of Welcome Kit for Personalized Welcome Kits

▪ Centralized Security Printing unit (outsourced vendor) will receive Circle wise file
extract from the Workflow team at GITC in encrypted form.

Preparation and despatch of Non-Personalized Welcome Kits (NPWKs)

Cheque extracts will be sent by workflow team at GITC directly to Centralized Security
Printers, which prints Cheque-book and after collating ATM Cards, despatches the NPWK
to Branch through India Post
Generation and Despatch of Welcome Letter &Nomination Letter
▪ At EOD, extract for Welcome letter and/or Nomination Facility (if any) will be generated
at CDC & transferred by workflow team to Centralized Security Printers in encrypted
form.
▪ Nomination Letters are despatched to customers by ordinary Post by Centralized
Printers

The Joint Custodian with Vault Teller rights (currently the Branch Accountant) will
acknowledge the complete set of Welcome Kit

1.Non Personalised welcome kits are issued ?

 a. At the time of opening the accounts
b. After one month of opening the account
c. After account opening forms are verified by LCPC
d. By vendors directly to the customers

3.Where from the report containing particulars of dummy accounts created along
with cheque details can be downloaded ?
a. CDC
b. LCPC
c. LHO Site
d. None of the above

4.There should not be any Welcome Kit with ‘Hold’ status for more than ?
a. 5 days
b. 7 days
c. 3 days
d. 2 days
 Chapter-5: Foreign Accounts Tax Compliance Act (FATCA)
and Common Reporting Standards (CRS)
FATCA stands for the Foreign Account Tax Compliance Act. It is a new piece of legislation by US
to help counter tax evasion in the US.

A few points which are critical and important for the purpose of compliance with CBDT
rules are enumerated below:

i. An account reportable to USA is termed as US Reportable Account (FATCA). An

account reportable to a country or territory outside India other than US is termed as Other
Reportable Account (CRS).
ii. FIs have to treat an account as a reportable account as on the date it is identified
pursuant to due diligence procedure specified in sub-rule (3) to (8) of Rule 114H and,
unless otherwise provided, information with respect to a reportable account will be
required to be reported annually in the calendar year following the calendar year to which
the information relates.

There are two types of accounts under FATCA and CRS – Individual Accounts and
Entity Accounts. Personal accounts are called individual accounts and non-
personal accounts viz proprietorship, partnership, company, trust accounts etc.
are called entity accounts. These accounts are subjected to due diligence at the
time of opening of accounts to find out the reportable status. If the account holder
has connection with US, the account becomes US Reportable Account. For
account holders having connection with other countries, the accounts become
Other Reportable Account.

Further, based on the date of opening, accounts are classified as either “Pre-Existing” or
“New”. The treatment of accounts as pre-existing or new is as per following criteria:

a) “pre-existing account” means a financial account maintained by a reporting financial

institution as of,
(i) in case of a U.S. reportable account (FATCA), 30 June 2014; and
(ii) in case of other reportable account (CRS), 31 December 2015.
b) “New account” means a financial account maintained by a reporting financial institution
opened on or after,
(i) in case of a U.S. reportable account (FATCA), 01 July 2014; and
(ii) in case of other reportable account (CRS), 01 January 2016
Change in Circumstances in Pre-Existing Accounts

As per CBDT Rules, if there is a change in circumstances subsequently which results

in one or more indicia being associated with the account, or the account becomes a high
value account, then the reporting financial institution shall treat the account holder as
resident for tax purposes of each such county or territory for which indicium is identified,
unless the self-certification submitted cures the same i.e. making the account not
reportable. Change in Circumstances basically means a previously non-reportable
account becoming reportable at a later date due to change in one or more indicia like
country of tax residence.
FATCA rules mandate review of accounts only when they qualify value threshold of
$50000. Accordingly, all pre-existing accounts having balance of more than $50000 have
been uploaded in CBS. If any subsequent change in circumstances takes place in these
accounts, they can be marked reportable in CBS. Similarly, any high value account
identified in any calendar year can be marked reportable in CBS if there is subsequent
change in circumstances, since all high value accounts are already uploaded in CBS.
However, in respect of CRS, the Circles need to advise accounts on yearly basis in which,
change in circumstances has taken place, for uploading in CBS. Due diligence in all those
CIFs advised by Circle should be completed.

The due diligence procedure for identification of reportable accounts in respect of entity
accounts is different from that of Individual accounts. However, the fields/screens
required and being developed for capturing/determining the status of the entity account
for Pre-existing Entity Accounts and New Entity Accounts are same for both FATCA and
CRS.
The following type of entities will be reportable for FATCA & CRS.

FATCA(US Reportable Account)

1. Non-Participating Financial Institution
2. A Non-Financial Entity ( NFE) that is a Specified US person
3. A non US entity with one or more controlling person which is a Specified US
Person

Due Diligence for New Accounts: The due diligence procedure involves capturing of
the status of the account as US Reportable or Other Reportable or not reportable at the
time of CIF creation itself. While no value threshold is prescribed either for Individual CRS
New or Entity (FATCA & CRS) for reporting, Individual FATCA New accounts exceeding
$ 50000 as on the last day of calendar year is taken for final reporting.
In case of reportable accounts, TIN/ functional equivalent is mandatory wherever
reportable country issues the same.

Due diligence Procedure for Entity Accounts

All entity accounts opened since 01.07.2014 are to be treated as New Entity Accounts.
For accounts opened from 01.07.2014 up to date of on boarding, an alternate procedure
was made applicable. Actual on boarding of accounts means opening of new account
with FATCA & CRS compliant account opening forms/screens.

Relationship Manager and his Roles and Responsibilities

Branch Managers in branches up to Scale-V incumbency and one of the AGMs in DGM
& above headed branches have been designated as Relationship Manager, FATCA &
CRS. Apart from that, the official authoring the account opening is the designated
Relationship Manager, FATCA & CRS. Accordingly, if there are more than one official
handling account opening in the branch, all such officials will be the designated RM,
FATCA & CRS in respect of the accounts being authorized by them for the purpose of
opening the same. The Relationship Manager hasto ensure complete compliance with
the due diligence procedure prescribed under CBDT Rules with respect to both pre-
existing accounts as well as new accounts for FATCA & CRS for the purpose of correct
reporting of US Reportable account (FATCA) and / or Other Reportable account (CRS).
He has to send monthly report to the Controller once the accounts are identified

Rule of aggregation of balances for FATCA

For purposes of determining the aggregate balance or value of financial accounts held by
an individual or entity, a reporting financial institution is required to aggregate all financial
accounts (other than “excluded accounts” like accounts under Senior Citizens Savings
Scheme Rules,2004 or a retirement or pension account or account opened by a court
order or judgement) maintained by the reporting financial institution, or by a related entity,
but only to the extent that the reporting financial institution’s computerized systems link
the financial accounts by reference to a data element such as client number or taxpayer
identification number, and allow account balances or values to be aggregated. Each
holder of a jointly held financial account shall be attributed the entire balance or value of
the jointly held financial account for purposes of applying the aggregation requirements.

Currency Translation Rules

Account in INR or in any permissible currency (other than $) shall be converted to $ at
the end of the reporting period @ spot reference rates of the FEDAI.
GENERAL
KYC Stands for—Know your customer
OVD stands for--- Officially valid document
CBS SCREEN FOR DEBIT FREEZ SCREEN NUMBER—9093
PMLA Stands for---Prevention of money laundering act (2002)
SPDI stands for----Sensitive personal data or information
Section 3 of PMLA Act 2002 refers to ----- Offence of money laundering
CDD ---Customer due giligence
EDD--- Enhanced Due Diligence
Smishing—
Whiling-