Customers of the Punjab National Bank (PNB) have been encouraged to update their bank accounts' Know Your Customer (KYC) information. Today, i.e, August 31 is the final date to finish KYC, according to a Tweet from the public lender. It was also said that operations on bank accounts would be restricted if KYC was not updated by the end of today.
‘As per RBI guidelines, KYC update for all customers is mandatory. If your account has become due for KYC updation as of 31.03.2022, you are requested to contact your base branch to get your KYC updated before 31.08.2022,” the bank tweeted.
‘You are requested to contact your base branch to get your KYU updated before 31.09.2022. Non-updation may lead to restriction in your account," it added.
Bank account holders are obliged to supply their most recent information, including PAN, photos, addresses, and other details as requested by the institution, as part of the KYC compliance effort.
Meanwhile, responding to a customer's query on Twitter, the bank said: "Dear customer, thank you for writing to us. We request you to please connect with our customer care service at 1800 180 2222/ 1800 103 2222 (toll-free)/ 0120-2490000 (tolled number) for more information in this regard. Thank you."
The PNB KYC Policy 2022, which was published earlier this year, attempts to stop criminals from using the bank for terrorist financing or to launder money. The bank noted in the policy that it hoped the newly disclosed guidelines would improve its understanding of its clients' financial transactions and assist in prudently reducing associated risks.
One should be aware that the Prevention of Money-Laundering Act (PMLA), 2002, and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, require banks to regularly conduct KYC compliance.
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