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ICAI issues mandatory KYC norms for its members

Posted on 12 December 2016,    
 10938    Share  Report

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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