Icici bank customer identification data updating form

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This step has been taken to make the KYC process investor friendly and to make it uniform across various SEBI regulated intermediaries in the securities market viz.Mutual Funds, Portfolio Managers, Depository Participants, Stock Brokers, Venture Capital Funds, Collective Investment Schemes, etc.If at any point of time, the balance in all his/her accounts with the bank (taken together) exceeds Rupees Fifty Thousand (Rs.50,000/-) or total credit in the account exceeds Rupees One Lakh (Rs.

Customer identification means identifying the customer and verifying his/her identity by using reliable, independent source documents, data or information.When the transactions in the account are observed not consistent with the profile, bank may ask for any additional details / documents as required.This is just to confirm that the account is not being used for any Money Laundering/Terrorist/Criminal activities.After considering the facts of each case, and having concluded that some of the violations were substantiated and warrented imposition of monetary penalty for violations of KYC norms and Money Laundering Guidelines, KYC is an acronym for “Know your Customer”, a term used for customer identification process.It involves making reasonable efforts to determine true identity and beneficial ownership of accounts, source of funds, the nature of customer’s business, reasonableness of operations in the account in relation to the customer’s business, etc which in turn helps the banks to manage their risks prudently.

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