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About EKYC

“Know your Customer” a term used for customer identification process. It involves making reasonable efforts to determine true isidentity and beneficiary ownership of account source of funds. The nature of customer’s business, reasonableness of operations in the account in relation to customer’s business etc which in turn helps the banks to manage their risks prudently.

The objective of the KYC guidelines is to prevent banks being used intentionally or unintentionally by criminal elements for money laundering.

KYC refers to the steps taken by a financial institution (or business) to:

• Establish Customer identity
• Understand the nature of the customer’s activities (primary goal is to satisfy that the source of the customer’s funds is legitimate )
• Assess money laundering risks associated with that customer for purposes of monitoring the customer’s activities.