ANNOUNCEMENT OF KYC NORMS
All the members of Institute of Chartered Accountants of India (ICAI), who are in practice, are hereby informed that the Council has formulated the Know Your Client (KYC) norms at it’s 356th Meeting held on 29th, 30th June and 1st July, 2016.
KNOW YOUR CLIENT (KYC) NORMS
The financial services industry globally is required to obtain information of their clients and comply with KYC norms.
Keeping in mind the highest standards of Chartered Accountancy profession in India, the Council of ICAI thought it necessary to issue such norms to be observed by the members of the profession who are in practice.
In light of this background, the Council of ICAI approved the following KYC Norms which are mandatory in nature and shall apply in all assignments pertaining to attest functions.
1. WHERE CLIENT IS AN INDIVIDUAL/ PROPRIETOR
A. GENERAL INFORMATION
Name of the Individual
PAN No. or Aadhar Card No. of the Individual
Business Description
Copy of last Audited Financial Statement
B. ENGAGEMENT INFORMATION
Type of Engagement
2. WHERE CLIENT IS A CORPORATE ENTITY
A. GENERAL INFORMATION
Name and Address of the Entity
Business Description
Name of the Parent Company in case of Subsidiary
Copy of last Audited Financial Statement
B. ENGAGEMENT INFORMATION
Type of Engagement
C. REGULATORY INFORMATION
Company PAN No.
Company Identification No.
Directors’ Names & Addresses
Directors’ Identification No.
3. WHERE CLIENT IS A NON-CORPORATE ENTITY
A. GENERAL INFORMATION
Name and Address of the Entity
Copy of PAN No.
Business Description
Partner’s Names & Addresses (with their PAN/Aadhar Card/DIN No.)
Copy of last Audited Financial Statement
B. ENGAGEMENT INFORMATION
Type of Engagement
These norms shall come into force w.e.f 1 st January, 2017.
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