1. Objectives of KYC Policy
- Customer Identification: To verify the identity of customers using reliable documents.
- Risk Management: To assess customer profiles and manage risks associated with banking transactions.
- Regulatory Compliance: To comply with RBI guidelines and other statutory requirements.
- Financial Integrity: To prevent financial frauds, money laundering, and terrorist financing.
2. Customer Identification Procedure (CIP)
To open an account with The Anantapuramu Cooperative Bank Limited, customers are required to provide valid proof of identity and address.
a. Individual Accounts:
Documents Required:
- Proof of Identity: Aadhaar Card, PAN Card, Passport, Voter ID, Driving License.
- Proof of Address: Utility bills (not older than 3 months), Rent Agreement, Passport, Driving License.
b. Joint Accounts:
- KYC documents are required for all account holders.
c. Non-Individual Accounts (Companies, Trusts, Associations):
- Certificate of Incorporation or Registration Certificate.
- Memorandum and Articles of Association.
- PAN Card of the entity.
- Authorized signatories’ KYC documents.
3. Customer Due Diligence (CDD)
The Anantapuramu Cooperative Bank Limited classifies customers based on risk levels to ensure enhanced monitoring and safety.
- Low-Risk Customers: Salaried employees, pensioners, and individuals with transparent income sources.
- Medium-Risk Customers: Small businesses and self-employed individuals.
- High-Risk Customers: Non-resident Indians (NRIs), high-net-worth individuals, politically exposed persons (PEPs).
Enhanced Due Diligence:
For high-risk customers, additional verification and documentation are required, including the source of funds and periodic transaction monitoring.
4. Ongoing Monitoring and Record-Keeping
- Periodic Updates: Customer details are periodically updated to maintain accurate records.
- Transaction Monitoring: Transactions are monitored for suspicious activities.
- Record Maintenance: KYC documents and transaction records are maintained for at least five years from the date of account closure.
5. Suspicious Transaction Reporting (STR)
- Suspicious transactions are reported to the Financial Intelligence Unit-India (FIU-IND) as per regulatory requirements.
- Cash transactions above the specified limit are also reported periodically.
6. Account Opening Guidelines
- No Account Without KYC: No account will be opened without the complete KYC documentation.
- Simplified KYC for Small Accounts: Small accounts can be opened with relaxed KYC norms but with restrictions on transactions.
7. Customer Awareness and Rights
- The bank educates customers on the importance of KYC norms and their role in ensuring safe banking.
- Customers’ personal information is kept confidential as per data protection guidelines.
8. Review and Updates
The KYC policy is reviewed periodically to incorporate changes as per regulatory requirements and to enhance security measures.
9. Contact Us
For any queries or assistance regarding KYC norms, please contact:
The Anantapuramu Cooperative Bank Limited
anantapurcooptownbank@yahoo.co.in
+91 8554-275475
Branches
- Main Branch: D.No.10/446, Subhash Road, Anantapuramu-515001. (A.P.) Phone: +91 08554-275475, Email: anantapurcooptownbank@yahoo.co.in
- Gandhi Bazaar Branch: D.No. 22-3-1, 1st floor, Saifulla Complex, near I Town Police station, Old Town, Anantapuramu-515001 Phone: +91 08554-231127, Email: actbgandhibazar@gmail.com
- Ramanagar Branch: D.No.6-3-267, near Crescent School, Ramanagar Main Road, Anantapuramu-515001, (A.P.), Phone: +91 08554-238899, Email: actbramnagar@yahoo.com
- Hindupur Branch: D.No.7-7-54, Vasavi Dharmashala Roard, Hindupur-515261 (A.P.), Phone: +91 08556-227766, Email: hupcooptownbank@yahoo.in
Note: The Anantapuramu Cooperative Bank Limited is committed to maintaining the highest standards of financial integrity and transparency. Our KYC norms are in compliance with the guidelines issued by the Reserve Bank of India (RBI) and other regulatory authorities.
