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ALL YOU NEED TO KNOW ABOUT KYC



In an age of competition and realization, where you want to hold on to every customer and keep track of who they are and what are their aims and objective. You need to know about a vital term KYC. And what is KYC, it is an abbreviation used for know your customers; it is where banks and other financial institution needs all kinds of verification about their customers' identity, their whereabouts as a mandatory process before they could begin dealings with them. KYC process is established to make the process of dealing with financial issues clear from any fraud and illegal activities.



What is the process of KYC verification?


The verification of knows your customers is designed to monitor all kinds of transactional activities of the customers on day to day basis and if any illegal activity has been suspected an immediate report is sent to the concerned department. Moreover, it is inevitable to note what KYC is in banking, for the process of opening a bank account, a mutual fund or purgation of any of your old services with the bank require a purgation of your KYC details.

It is essential to note that the bank can always ask for a new version of your documents even when you have already submitted the data at the time of opening with your relationship with the bank. It may part of up-gradation of your bank accounts or part of the process of data collection of the existing customers.

Know your customer bank is all about gathering of essential data for the verification process it is not only part of the process of KYC system but also as a part of rules and regulations when it comes to dealing with financial issues. There is heaps of documentation that you may be asked for, and you must submit all the data on time to get the benefits of the services.

All documents of identification include voter’s id, passport, driving license, PAN card and other details. And if any of your papers contain a special mention of your permanent address that would be accepted as your mark for reference for your address.

What does KYC mean to empower both customers and the organization?


The primary aim of KYC is to empower both the customers and the organization, where the banks can gather information about their loyal customers and made sure that all the provided details are real. Because previously there have been instances of fraudulent activities and money laundering through these bank account details as the applicant has been mis-using the accounts through incorrect ids and circumstances and in case of any mishap the banks weren’t able to trace the identifier of the customers hence creating troubles for them as well as for the concerned departments.

All the customers must verify their details and submit them to the banks to be able to fulfil the conditions of KYC compliance. And also those who are looking forward to utilizing any services of the bank needs all these documentation of verification. Even the banks believes anything is suspected in your document and they need to investigate more upon the given documents you could still be asked to bring about profess of verification like utility bills and records of the house you are living in to make sure that all the given data is up to the mark and no fraud has been made on the part of the stompers. Even you aren’t ready to submit all these details, then known of the banks in your state will allow you to open a bank account.

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