4 Step-By-Step Guide For Documents Required For KYC Verification
The Know Your Customer process is a safety measure taken to guard against unethical behaviours such as money laundering, bribery, and fraud. It makes it easier for governments and corporations to monitor these kinds of actions or to anticipate their occurrence. In addition to being a prerequisite for compliance with the law, completing the procedure would enable you to complete transactions more quickly and have access to a greater variety of the premium goods offered by the financial institution. For the KYC procedure to be completed you need to provide some documents as per the KYC documents list.
Why are we needed to provide KYC documents?
Only in more recent years, when fraudulent transactions, and fake accounts, including financial fraud, had become widespread, have KYC documentation and a photograph of the consumer been declared obligatory requirements for customers. Therefore, in order to move forward with any transaction, financial organizations such as banks and other banking institutions, telecommunications companies, and certain government bodies demand the presentation of these documents from individuals. It is essential to submit the required KYC documents list to get the process done immediately.
1. KYC document list for KYC verification
Proof of identity for such a person is required to include a know your customer (KYC) document as proof of name and then another KYC documents as proof of address. It is impossible to recognize a single KYC document as confirmation of both one’s name and address at the same time.
2. Documents referred to as Proofs of Identity (POI):
- Passport
- Permission to drive
- A certificate of birth
- Documentation of identification from member states
- Book of benefits and the initial notification letter
- A photograph of the applicant is included on the national identity card.
- A photograph of the person must typically be included on this kind of identification paper because it is a standard requirement.
3. Proof of Address
The documents you use to verify both your permanent and your present residence are required by financial organizations (if the two are different). The following things are included in an acceptable KYC document list that can be used to prove an address.
- Aadhaar Card
- A valid driver’s license
- Voter ID Card
- Passport
- Card with a Ration
- The most recent bills for essential services such as electricity, water, gas, and telephone service are available here.
- The page at the front of your bank passbook contains your contact information and address.
- Contract for Renting or Leasing
4. Proof of Income
- The Filing of Income Tax Returns
- Salary Slips
- Bank Statement
There are a variety of additional forms of identification and addresses that can be proven, and these can be accepted at a variety of banks, financial firms, telecom companies, as well as government agencies. The KYC documents list mentioned above is accepted by most banks and financial institutions.
Conclusion
The Know Your Customer (KYC) verification procedure is vital for banks and other financial institutions, and the utilization of digital verification for KYC is required to prevent fraud & scams. In addition to these benefits, it will also improve the accuracy of the data and, most significantly, the overall experience of the customers.
You now have the option of completing the Know Your Customer verification process either offline or online. The majority of financial services providers will let you submit your Know Your Customer paperwork either in person at one of their locations or digitally. Because it is possible to apply for loans & open bank accounts online, you have the option of going through an electronic or video version of the Know Your Customer process. Make sure you have all the documents that come under the KYC documents list.
