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Do you understand KYC and Anti money laundering procedures completely? Why KYC and AML norms are followed by all banks and housing finance companies? Know more about KYC, anti-money laundering procedures and many other processes followed by banks and housing finance companies to know their customers better. For more details : http://www.dhfl.com/Home-Loan-Educational-Videos/kyc-and-anti-money-laundering-procedures/
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Know Your Customer & Anti-Money Laundering Procedures – A Customer Education Initiative by DHFL
Details of Know Your Customer and Anti Money Laundering Norms – A Customer Education Initiative from DHFL DHFL Home Loans – www.dhfl.com
Hello Vinodji, how are you? DHFL Home Loans – www.dhfl.com
Hello Sharmaji, I am doing well, thank you. How can I help you today? DHFL Home Loans – www.dhfl.com
I would like to understand the Know Your Customer (KYC) and Anti Money Laundering (AML) procedures in details. Would you be able to guide me? DHFL Home Loans – www.dhfl.com
Certainly. The KYC and AML Norms are followed by all Banks DHFL Home Loans – www.dhfl.com
& Housing Finance Companies to prevent themselves from being used DHFL Home Loans – www.dhfl.com
intentionally or unintentionally by criminal elements DHFL Home Loans – www.dhfl.com
Money Laundering Activities DHFL Home Loans – www.dhfl.com
Also, they need to know and understand their customers as well as their financial dealings for Risk Management. DHFL Home Loans – www.dhfl.com
I understand. Please tell me more about Money Laundering. DHFL Home Loans – www.dhfl.com
Money Laundering is any act or attempted act to conceal or disguise the identity of illegally obtained proceeds DHFL Home Loans – www.dhfl.com
so that they appear to have originated from legitimate sources. In layman terms “Conversion of Black money into White”. DHFL Home Loans – www.dhfl.com
How do the Banks & Housing Finance Companies get to know their customers? DHFL Home Loans – www.dhfl.com
The Banks & Housing Finance Companies follow a Client Identification Procedure. DHFL Home Loans – www.dhfl.com
They verify the identity of their customers using reliable and independent source of documents, data or information. DHFL Home Loans – www.dhfl.com
The necessary documents and information are taken to verify the customer’s identity, current and permanent address, nature of business and financial status. DHFL Home Loans – www.dhfl.com
They also maintain records of the identity of customer as per the regulatory requirement. DHFL Home Loans – www.dhfl.com
Further, Ongoing Monitoring of Transactions such as DHFL Home Loans – www.dhfl.com
unusual transactions DHFL Home Loans – www.dhfl.com
cash transactions DHFL Home Loans – www.dhfl.com
and suspicious transactions is also an essential element of effective KYC procedure. DHFL Home Loans – www.dhfl.com
What are the documents required to be obtained from the customer for KYC compliance? DHFL Home Loans – www.dhfl.com
For Photo Id Proof any one of the following is required: 1.PAN Card 2.Passport 3.Voters ID Card 4.Driving License 5. Aadhar Card DHFL Home Loans – www.dhfl.com
For Residence Proof any one of the following is required: 1.Utility Bills such as Telephone Bill, Electricity Bill, Piped Gas Bill and Post Paid Mobile Bill 2. Ration Card 3.Letter from Employer 4.Bank Statement / Passbook with address 5. Valid Rent Agreement 6. Sale Deed DHFL Home Loans – www.dhfl.com
Thank you Vinodji for your guidance DHFL Home Loans – www.dhfl.com