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Video instructions and help with filling out and completing Fincen sar form 2022
Instructions and Help about Fincen sar form 2022
Welcome to the topic opening a bank account if you have gone to a bank to open a bank account you might have heard the words QIA and AML spoken by bankers have you ever wondered why kyc and what is kyc let's explore from a bankers perspective what are these words and how they are important here is a customer who wants to open a savings account urgently but the bank is asking the customer to fill in lot of details in the account opening form and submit documents Estella wonders why why do you need so many documents I am depositing my money when the banker says I had a wants the banks to north customer before opening an account this is RBA policy so we would like to know you more so can you give us more information what do you do and where you live and the customer wonders why am I being interviewed customers have a lot of queries about KYC y kyc why is the bank why why is the bank insisting on so many documents and Y's are they asking banks to follow these processes while bankers wonder how they follow how should they follow the KYC procedures how should ensure that they comply with the regulations and students of banking wonder what is kyc enable all about and t money laundering have you heard of this word it's an important element of AML process and you may think laundering means washing so does money laundering mean washing money and then what is sentimentai laundering have you seen how dirty clothes are put in a washing machine and the washing machine gives are clean clothes money laundering is similarly converting black money into white money and how do they do it they try to route it through the bank to convert black money into white money and anti-money laundering would mean preventing this money laundering activity from happening how cave I see is in an important part of amen here is a customer who wants to open a bank account with 9 lakhs rupees it's a good business opportunity for the banker but the banker also has to exercise due diligence he has to check the KYC documents to check whether the customer's identity and address are proper he also has to inquire into the background of transactions to ensure there is no illegal transaction behind this money the customer might be trying to convert black money through the bank so the banker has to ensure that he scrutinizes the documents as well as the transactions carefully to understand the background of customer before opening an account the best time to stop money laundering would be to check at the time of opening an account so that customers with illegal transaction background do not enter the so the objective of kyc as stated in our Big Island says the bank should be aware of the identity of the customer they should also.