Icici bank customer identification data updating form speed dating cadillac club

24-Feb-2018 14:16

Yet, time to time, banks are penalised by the regulator for violating KYC instructions.On December 17, the Reserve Bank of India (RBI) imposed monetary penalties on ICICI Bank and Bank of Baroda for non-adherence to certain aspects of KYC norms, which allowed fraudsters to open fictitious accounts in the name of a reputed statutory organisation and use those for illegal transactions.

icici bank customer identification data updating form-8

But the onus is on banks to ensure the customer’s account is KYC-compliant.” Experts feel the need for multiple documents is another concern.

If the accounts are split with different holders, it becomes even more difficult to carry out proper background checks.

Banks need stronger technology platforms to weed out these discrepancies,” said a senior official of a private bank.

K V Karthik, senior director at Deloitte India, feels customer identification is only a part of the compliance process and the real challenge for banks is to create profiles of customers based on information collected at the on-boarding stage and using this to monitor transactions in his account.

“For banks, the challenge is not only to ensure compliance, but also not to deny banking services and cater to financial inclusion.

But the onus is on banks to ensure the customer’s account is KYC-compliant.” Experts feel the need for multiple documents is another concern.

If the accounts are split with different holders, it becomes even more difficult to carry out proper background checks.

Banks need stronger technology platforms to weed out these discrepancies,” said a senior official of a private bank.

K V Karthik, senior director at Deloitte India, feels customer identification is only a part of the compliance process and the real challenge for banks is to create profiles of customers based on information collected at the on-boarding stage and using this to monitor transactions in his account.

“For banks, the challenge is not only to ensure compliance, but also not to deny banking services and cater to financial inclusion.

The regulator also cautioned three other banks — Axis Bank, State Bank of India (SBI) and State Bank of Patiala — for failing to adhere to its KYC directives.