Tips for bank documents and Mandatory instructions

KYC documents to Bank?
Anti Money Laundering
What is money laundering :

• Conversion of illegally obtained money/proceeds of crime to make it appear as if it originated from legitimate source.
• Money laundering is being employed by criminals worldwide to conceal criminal activity associated with is like drugs/ arms trafficking, terrorism and extortion etc.
• All crimes that produce a financial benefit give rise to money laundering.

How this affects you as customer?

• First step in laundering process by criminals is to get their money into an account with a bank often using a false identity and address.
• Funds so deposited are transferred to other accounts locally or abroad or used for buying goods or services. these transactions appear to be like any legally earned money and become difficult to trace back to their criminal past. 
• Your account can be misused by such unscrupulous elements by routing the transaction of their ill-gotten money (black money) through it on some pretext or the other.

Refuse such request for routing of transaction through your account. Do not collect anyone's check's in your account even if the name appearing on the cheque is same as yours

How this affects economy or our country?

Black money after entering into banking channel gradually acquires the character or white money, thus a parallel economy within the Indian economy starts operating leading to artificial demand in economy wich renders all estimates/projections of the Government go haywire.

If you do not provide KYC documents to Bank?

Bank can refuse to open the account (for prospective Customer) or discontinue its relationship with you citing non-furnishing of KYC documents (for existing customer).

For "No Frill" Accounts (Total aggregate credit of Rs, 100000/- p.a.) Simplified KYC procedure required

Mandatory instructions
Demand drafts, mail transfers and travellers cheques
For Rs. 50,000/- and above will be issued by banks only by debit to customer,s account or against cheque and not against cash deposit.
For Rs. 20,000/- and above will be paid by banks only by credit to customer's account or through other banking channels.




Deposit of Rs. 50,000/- or above in cash in any account requires mandatory quoting of PAN Number (if PAN unavailable from 60/61 as case may be giving full details for transaction) by depositor along with his complete KTC even if or single transaction.

Help us to Help you
Help prevent crime, tax evasion and laundering of proceeds of crime/evasion by being patient when staff asks you to provide documents to prove your identity.
Help prevent crime against yourself and others by maintaining confidentiality of your account details and identity documents.


Tips for bank documents and Mandatory instructions

What is money laundering :
Conversion of illegally obtained money/proceeds of crime to make it appear as if it originated from legitimate source.
Money laundering is being employed by criminals worldwide to conceal criminal activity associated with is like drugs/ arms trafficking, terrorism and extortion etc.
All crimes that produce a financial benefit give rise to money laundering.

you are advised not to allow any person/entity/organization to use your account for any kind of financial transaction.

How this affects you as customer?
First step in laundering process by criminals is to get their money into an account with a bank often using a false identity and address.
Funds so deposited are transferred to other accounts locally or abroad or used for buying goods or services. these transactions appear to be like any legally earned money and become difficult to trace back to their criminal past.
Your account can be misused by such unscrupulous elements by routing the transaction of their ill-gotten money (black money) through it on some pretext or the other.

Refuse such request for routing of transaction through your account. Do not collect anyone's check's in your account even if the name appearing on the cheque is same as yours

If you do not provide KYC documents to Bank?

Bank can refuse to open the account (for prospective Customer) or discontinue its relationship with you citing non-furnishing of KYC documents (for existing customer).

For "No Frill" Accounts (Total aggregate credit of Rs, 100000/- p.a.) Simplified KYC procedure required

Mandatory instructions
Demand drafts, mail transfers and travellers cheques
For Rs. 50,000/- and above will be issued by banks only by debit to customer,s account or against cheque and not against cash deposit.
For Rs. 20,000/- and above will be paid by banks only by credit to customer's account or through other banking channels.

Deposit of Rs. 50,000/- or above in cash in any account requires mandatory quoting of PAN Number (if PAN unavailable from 60/61 as case may be giving full details for transaction) by depositor along with his complete KTC even if or single transaction.


How this affects economy or our country?

Black money after entering into banking channel gradually acquires the character or white money, thus a parallel economy within the Indian economy starts operating leading to artificial demand in economy wich renders all estimates/projections of the Government go haywire.

Help us to Help you
Help prevent crime, tax evasion and laundering of proceeds of crime/evasion by being patient when staff asks you to provide documents to prove your identity.
Help prevent crime against yourself and others by maintaining confidentiality of your account details and identity documents.