Business Daily from THE HINDU group of publications
Wednesday, Jul 26, 2006
Business Daily from THE HINDU group of publications Wednesday, Jul 26, 2006 |
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Opinion
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Letters KYC norms
This is with reference to "Are KYC (Know Your Customer) norms crossing the limits" (Business Line, July 18): It is true that too much of anything is not good. But some vital things cannot be avoided. The impact of money laundering and terrorist activities is well known. Banks have been obtaining KYC-CROP forms since 2002. Most banks started updating/obtaining KYC-CROP forms in order to ensure that details of all customers were available. The form is simple and does not take more than 10 minutes to fill. KYC procedures will ensure ethical and professional standards that will prevent banking operations from being exploited intentionally or unintentionally by criminal elements. The media should make the public aware that KYC details are obtained for their benefit and that it is the duty of the customers to co-operate with bank. Ashok Kumar Coimbatore
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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