When to identify or verify the customers?
While establishing a banking relationship;
While opening the account;
While transferring fund through wire transfers
Whenever the Bank feels that it is necessary to obtain additional information from the existing
customers based on the conduct or behavior of the account;
When the bank sells third party products as an agent;
When high risk customer/s and politically exposed person/s conduct each transaction/s.
When the bank has a doubt about the authenticity/veracity or the adequacy of the previously
obtained customer identification data;
Customer identification shall also be carried out in respect of the non-account holders
approaching the bank for high value one-off transaction/s as well as any person or entity
connected with a financial transaction which can pose significant reputational or other risks to the
Bank.
