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| Home > Identity of clients > Client Identification Programme |
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| Client Identification Programme |
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Every banking company, financial institution and intermediary shall formulate and implement a client identification programme that it considers appropriate to enable it to determine the true identity of its clients as per the required under PMLA 2002. A copy of the client identification programme is also required to be forwarded to the Director, FIU-IND.
Relevant portion of Rule 9 of the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005 lays is reproduced as under: |
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"9. Verification of the records of the identity of clients.
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(7) Every banking company, financial institution and intermediary, as the case may be, shall formulate and implement a client identification programme which shall incorporate the requirements of the foregoing sub-rules of this rule, and such other additional requirements that it considers appropriate to enable it to determine the true identity of its clients. A copy of the client identification programme shall be forwarded to the Director." |
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