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Is it mandatory to implement a client identification programme?

April 26, 2017client Identification implement mandatory Programme

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Is it mandatory to implement a client identification programme?

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Yes. Every banking company, financial institution and intermediary is required to formulate and implement a client identification programme that it considers appropriate to enable it to determine the true identity of its clients to meet the requirements of PMLA. A copy of the client identification programme is also required to be forwarded to the Director, FIU-IND.