Know More About KYC and Money Laundering Procedure by DHFL

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Do you understand KYC and Anti money laundering procedures completely? Why KYC and AML norms are followed by all banks and housing finance companies? Know more about KYC, anti-money laundering procedures and many other processes followed by banks and housing finance companies to know their customers better. For more details : http://www.dhfl.com/Home-Loan-Educational-Videos/kyc-and-anti-money-laundering-procedures/

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Know Your Customer & Anti-Money Laundering Procedures – A Customer Education Initiative by DHFL:

Know Your Customer & Anti-Money Laundering Procedures – A Customer Education Initiative by DHFL

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Details of Know Your Customer and Anti Money Laundering Norms – A Customer Education Initiative from DHFL DHFL Home Loans – www.dhfl.com

Slide3:

Hello Vinodji , how are you? DHFL Home Loans – www.dhfl.com

Slide4:

Hello Sharmaji , I am doing well, thank you. How can I help you today? DHFL Home Loans – www.dhfl.com

Slide5:

I would like to understand the Know Your Customer (KYC) and Anti Money Laundering (AML) procedures in details. Would you be able to guide me? DHFL Home Loans – www.dhfl.com

Slide6:

Certainly. The KYC and AML Norms are followed by all Banks DHFL Home Loans – www.dhfl.com

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& Housing Finance Companies to prevent themselves from being used DHFL Home Loans – www.dhfl.com

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intentionally or unintentionally by criminal elements DHFL Home Loans – www.dhfl.com

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Money Laundering Activities DHFL Home Loans – www.dhfl.com

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Also, they need to know and understand their customers as well as their financial dealings for Risk Management. DHFL Home Loans – www.dhfl.com

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I understand. Please tell me more about Money Laundering. DHFL Home Loans – www.dhfl.com

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Money Laundering is any act or attempted act to conceal or disguise the identity of illegally obtained proceeds DHFL Home Loans – www.dhfl.com

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so that they appear to have originated from legitimate sources. In layman terms “Conversion of Black money into White”. DHFL Home Loans – www.dhfl.com

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How do the Banks & Housing Finance Companies get to know their customers? DHFL Home Loans – www.dhfl.com

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The Banks & Housing Finance Companies follow a Client Identification Procedure. DHFL Home Loans – www.dhfl.com

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They verify the identity of their customers using reliable and independent source of documents, data or information. DHFL Home Loans – www.dhfl.com

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The necessary documents and information are taken to verify the customer’s identity, current and permanent address, nature of business and financial status. DHFL Home Loans – www.dhfl.com

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They also maintain records of the identity of customer as per the regulatory requirement. DHFL Home Loans – www.dhfl.com

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Further, O ngoing Monitoring of Transactions such as DHFL Home Loans – www.dhfl.com

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unusual transactions DHFL Home Loans – www.dhfl.com

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cash transactions DHFL Home Loans – www.dhfl.com

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and suspicious transactions is also an essential element of effective KYC procedure. DHFL Home Loans – www.dhfl.com

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What are the documents required to be obtained from the customer for KYC compliance? DHFL Home Loans – www.dhfl.com

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For Photo Id Proof any one of the following is required: 1.PAN Card 2.Passport 3.Voters ID Card 4.Driving License 5. Aadhar Card DHFL Home Loans – www.dhfl.com

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For Residence Proof any one of the following is required: 1.Utility Bills such as Telephone Bill, Electricity Bill, Piped Gas Bill and Post Paid Mobile Bill 2 . Ration Card 3 .Letter from Employer 4 .Bank Statement / Passbook with address 5. Valid Rent Agreement 6. Sale Deed DHFL Home Loans – www.dhfl.com

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Thank you Vinodji for your guidance DHFL Home Loans – www.dhfl.com

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