Objective of the Policy
(a) Objective of KYC/AML/CFT guidelines is to prevent banks from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities.
(b) Strict adherence to policy will enable the bank to know it’s customers and their financial dealings better and thus help in prudent management of risks.
(c) To put in place appropriate controls for detection and reporting of suspicious activities in accordance with applicable laws /laid down procedures.
(d) To comply with applicable laws and regulatory guidelines
(e) To ensure that concerned staff are adequately trained in KYC/AML/CFT procedures