Your attention is drawn to the captioned subject.
As per section 5.12.1 of Guidance Notes on Prevention of Money Laundering the last date of completion of KYC procedures for the accounts opened before 30 April 2002 is 31 January 2010. Immediate steps through appropriate plan are essential for completion of the above procedures within stipulated time. However, it has been observed that banks/financial institutions have not initiated any step in this regard which is undesirable.
Under this circumstance each bank/financial institution is instructed to find out the number of such accounts and formulate a programme specifying the time and methods regarding the completion of KYC procedures for the accounts and begin its implementation immediately. A copy of the programme has to be sent to this Department by 15 August 2005. A report on the progress of implementation of programme has to be furnished to this Department in the prescribed proforma (copy enclosed) on quarterly basis.
Please acknowledge receipt of this circular.