|
BASICS OF KNOW YOUR CUSTOMER (KYC) POLICIES OF THE COASTAL URBAN COOPERATIVE BANK IN KOLLAM DISTRICT, KERALA
2
Author(s):
KANNAN. V. UNNITHAN, DR. M. SOMASUNDARAM
Vol - 8, Issue- 8 ,
Page(s) : 47 - 53
(2017 )
DOI : https://doi.org/10.32804/IRJMSH
Get Index Page
Abstract
The present paper presents the basics of Know Your Customer (KYC) policies of The Coastal Urban Cooperative Bank in Kollam district, Kerala. Firstly, to describe briefly the key elements of the KYC policy in The Coastal Urban Cooperative Bank such as, Customer Acceptance Policy (CAP), Customer Identification Procedures (CIP), Monitoring of Transactions and Risk Management. The Customer Acceptance Policy consists of three levels such as low risk, medium risk and high risk. The ceiling and monitoring of cash transaction comprises of two transaction reports, they are cash transaction report and suspicious transaction report. Secondly, to discuss briefly the Internal Control System. It involves the customer education, introduction of new technologies, designated director and appointment of prudential officer. The current study is helpful and provides indicative guidelines to the employees of The Coastal Urban Co-operative Bank Ltd No. 3036.
|