Simplified measures: expanded acceptable documents for proof of address enabling KYC for low-risk customers under AML rules. The amendment expands simplified measures under the PML Rules by deeming specified alternative documents - recent utility bills, property or municipal tax receipts, bank or post office account statements, pension payment orders with address, employer allotment letters or leave-and-license agreements for official accommodation, and foreign government or embassy documents - as Officially Valid Documents for the limited purpose of proof of address where low-risk customers cannot produce standard OVDs; institutions must revise KYC policies accordingly.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Simplified measures: expanded acceptable documents for proof of address enabling KYC for low-risk customers under AML rules.
The amendment expands simplified measures under the PML Rules by deeming specified alternative documents - recent utility bills, property or municipal tax receipts, bank or post office account statements, pension payment orders with address, employer allotment letters or leave-and-license agreements for official accommodation, and foreign government or embassy documents - as Officially Valid Documents for the limited purpose of proof of address where low-risk customers cannot produce standard OVDs; institutions must revise KYC policies accordingly.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
