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My Kyc Was Completed When I Opened The Account. Why Does My Bank Insist On Doing Kyc Again? |
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Answer» Banks are required to PERIODICALLY update KYC RECORDS. This is a PART of their ongoing due diligence on bank accounts. The periodicity of such updation varies from ACCOUNT to account depending on its risk categorisation by the bank. PERIODIC updation of records also helps prevent frauds in customer accounts. Banks are required to periodically update KYC records. This is a part of their ongoing due diligence on bank accounts. The periodicity of such updation varies from account to account depending on its risk categorisation by the bank. Periodic updation of records also helps prevent frauds in customer accounts. |
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