What Is The Full From Of KYC

Know Your Customer is a process that is used by a bank to identify the detail for customer. This term is used for customer identification. In this regard, RBI has launched the guideline.

kyc full form
What Is The Full From Of KYC

 Full Form Of KYC is Know Your Customer

The main purpose of KYC is to prevent banks to be used by criminal for money laundering and reducing the illegal activities of criminal regarding bank.  now we are going to discuss about detail information about kyc.
 Detail that is included in KYC is as follows:
Customer Name: here, customer have to give his or her full name.

Customer Address : it is about full address of customer . if customer have two home . in that case , he have to give both address information here separately.
Date of birth: here, customer have to give information about his date of birth.  he can show his 10th class certificate to ensure the correct date of birth.
Father’s Name : here, father name of customer is required.
Mother‘s Name: here, mother name of customer is required.
Marital Status:  here, he have to show his marital status like single  or married or other etc.
Contact Number: here, contact number of customer is required. it should be updated mobile number . because it is verified later.
Pan Card Number : pan card is permanent account number of customer that is issued by government to him.

Components of KYC :

There are two components of KYC which are (1) identity verification and (2) address identification. For fulfilling identity verification, the bank requires legal documents that have been attached by photo like Driving License or Passport or Pan Card or Voter’s Card etc. For verifying the present address of customer, bank can ask for Telephone Bill or Electricity Bill etc.

Requirement of KYC under Prevention of Money Laundering Act, 2002 :

It is mandatory to get KYC detail of client before doing any kind of business like banking, selling mutual fund etc. under prevention of money laundering act, 2002. SEBI notified KYC Form and supporting documents that are used by all SEBI registered company. If bank is not doing according to this act, then there is heavy penalty under sec 35 A of Banking Regulation Act 1949.

Other KYC Full form:
♦Kent Youth Choirs

♦ Know your Client

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