Master Circular No. 1 on KYC norms in POSB/SC under AML/CFT regime

Master Circular No. 1 on KYC norms in POSB/SC under AML/CFT regime

1.1 Know Your Customer (KYC) Norms/Anti Money Laundering (AML) Measures/Combating Financing of Terrorism (CFT)/Obligations under PMLA, 2002 (amended from time to time) The objective of KYC/AML/CFT guidelines is to prevent money laundering or terrorist financing activities by use of Post Office Savings Bank intentionally or unintentionally by criminal elements. KYC procedures also enable to post office Savings Banks to know/understand their customers better which in turn help them manage their risks prudently.

1.2 Definition of Customer

For the purpose of KYC policy, a customer is defined as:-

• An individual that maintains an account and/or has a cash certificate or has a business relationship with the Post Office Savings Bank.

• An individual on whose behalf the account is maintained (i.e beneficial owner).

2.1 General

All Post Office Savings Banks should keep in mind that information collected from the customer for the purpose of opening of account or purchase of savings certificates is to be treated as confidential and details thereof are not to be divulged for cross selling or any other purposes.

2.2 KYC Policy

KYC norms in POSB/SC under AML/CFT Full version can be download by clicking the below link