KYC Means Know Your Customer - KYC enables banks to know/ understand their customers and their
financial dealings to be able to serve them better
Who is a customer of the Bank?
For the purpose of KYC Policy, a „Customer‟ is defined as:
A person or entity that maintains an account and/or has a business relationship
with the Bank;
One on whose behalf the account is maintained (i.e. the beneficial owner);2
Beneficiaries of transactions conducted by professional intermediaries, such as
Stock Brokers, Chartered Accountants, Solicitors, etc. as permitted under the law,
Any person or entity connected with a financial transaction, which can pose
significant reputation or other risks to the Bank, say, a wire transfer or issue of a
high value demand draft as a single transaction.