Regulatory Alerts2010-02-23
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AML Circular No. 23: KYC Procedures for accounts opened before 30th April, 2002
Banks and financial institutions must complete KYC procedures for accounts opened before 30 April 2002 by 31 March 2010. Accounts where KYC is not completed by this deadline must be marked as dormant, prohibiting withdrawals while allowing deposits. These dormant accounts can be regularized upon receiving a customer application to complete the KYC procedures.
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