"9. Verification of the records of the identity of clients.
.
(7) (i)The
regulator shall issue guidelines incorporating the requirements of
sub- rules (1) to (6A) above and may prescribe enhanced measures to
verify the client’s identity taking into consideration type of
client, business relationship or nature and value of transactions.
(ii) Every banking
company, financial institution and intermediary as the case may be,
shall formulate and implement a Client Identification Programme to
determine the true identity of its clients, incorporating
requirements of sub-rules (1) to (6A) and guidelines issued under
clause (i) above." *
