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Individuals
Documents needed for verification:
  • One certified copy of an ‘officially valid document’ containing details of his identity and address
  • One recent photograph and
  • Such other documents including in respect of the nature of business and financial status of the client as may be required by the reporting entity.
Provided that photograph need not be submitted by a client who does not have account-based relationship

Relevant provisions of Rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 is reproduced as under:-

(4) Where the client is an individual, he shall for the purpose of sub-rule (1), submit to the reporting entity, one certified copy of an ‘officially valid document’ containing details of his identity and address, one recent photograph and such other documents including in respect of the nature of business and financial statusof the client as may be required by the reporting entity:
           Provided that photograph need not be submitted by a client falling under clause (b) of sub-rule (1).

(5) Notwithstanding anything contained in sub-rule (4), an individual who desires to open a small account in a banking company may be allowed to open such an account on production of a self-attested photograph and affixation of signature or thumb print, as the case may be, on the form for opening the account: Provided that—

(i) the designated officer of the banking company, while opening the small account, certifies under his signature that the person opening the account has affixed his signature or thump print, as the case may be, in his presence;
(ii) a small account shall be opened only at Core Banking Solution linked banking company branches or in a branch where it is possible to manually monitor and ensure that foreign remittances are not credited to a small account and that the stipulated limits on monthly and annual aggregate of transactions and balance in such accounts are not breached, before a transaction is allowed to take place;
(iii) a small account shall remain operational initially for a period of twelve months, and thereafter for a further period of twelve months if the holder of such an account provides evidence before the banking company of having applied for any of the officially valid documents within twelve months of the opening of the said account, with the entire relaxation provisions to be reviewed in respect of the said account after twenty-four months;
(iv) a small account shall be monitored and when there is suspicion of money laundering or financing of terrorism or other high risk scenarios, the identity of client shall be established through the production of officially valid documents, as referred to in sub-rule (4) of rule 9; and
(v) foreign remittance shall not be allowed to be credited into a small account unless the identity of the client is fully established through the production of officially valid documents, as referred to in sub-rule (4) of rule 9.

 
whats new

 
NDPS Act, 1985

UAPA, 1967

The Prevention of Money Laundering (Amendment) Act, 2012 (Scanned Format)

The Prevention of Money Laundering (Amendment) Act, 2009 (Scanned Format)

The Prevention of Money Laundering (Amendment) Act, 2005 (Scanned Format)

The Prevention of Money Laundering Act, 2002 (Scanned Format)

WARNING

FIU-India does not seek any information from individuals. If any person receives any such letter/query, it is a fraud and it should be immediately reported to the Police and also brought to the notice of FIU-IND...more
 
 
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