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Reserve Bank of India has fined Rs 5 lakh fine on Citigroup's Indian banking unit, for flouting the central bank's `Know Your Customer' (KYC) norms, with regard to not verifying the background of an account holder. This is the first time that RBI has imposed a fine on any bank for not meeting the KYC norms.

As per the guidelines on KYC, banks are required to carry out due diligence of customers before opening any deposit account. This is a step taken by the apex bank to combat money laundering and financing of terrorism in the country.

In August 2002, RBI advised banks to complete an appropriate KYC procedure for establishing identity by means of suitable documents and to ensure that adoption of such a procedure does not lead to denial of access to banking services for the general public.

Further, in December 2002, banks were advised to review the accounts opened prior to August 2002, for compliance with the KYC norms and take necessary steps to complete the work in respect of all accounts in a phased manner by December 2004.



.... US Banks are strong
.... Zimbabwe banks are weak

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