Know Your Customer (KYC) is a guideline developed by the Reserve Bank of India based on the Financial Action Task Force's (FATF) recommendations to prevent money laundering and combat terrorism financing (CFT). Aside from that, the Prevention of Money Laundering Act requires banks, financial institutions and their intermediaries to maintain and adhere to the KYC and anti-money laundering standards (AML).
This procedure necessitates the submission of a document that verifies the user's identity. Aadhar Card is mandatory.
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