No. ICAI/ESB/2011/03
Announcement of KYC Norms
All the members of Institute of Chartered Accountants of India (ICAI), who are in practice, are hereby informed that the Council has formulated the following Know Your Client Norms (KYC norms) at it’s 307th Meeting held on 13th July, 2011, which shall be recommendatory in nature, and apply only in case of attest function.
KNOW YOUR CLIENT (KYC) NORMS
The financial services industry globally is required to obtain information of their clients and comply Know Your Client Norms (KYC norms).
Keeping in mind the highest standards of Chartered Accountancy profession in India, the Council of ICAI thought it necessary to recommend such norms to be observed by the members of the profession who are in practice.
In light of this background, the Council of ICAI approved the following KYC Norms. However, these norms are recommendatory in nature and every Chartered Accountant carrying out attest function is encouraged to follow them.
1. ENTITY INFORMATION
A. GENERAL INFORMATION
Name of the Entity
Type of Entity
Business Description
B. CORPORATE STRUCTURE
Name of ultimate parent company
Name of Parent company
Name of Affiliates
C. REGULATORY INFORMATION
Company PAN No
Company Identification No
Directors’ Identification No
Directors’ Names & Addresses
Name(s) and Addresses of Companies, in which above person is director.
D. ENGAGEMENT INFORMATION
Type of Engagement
2. OTHER INFORMATION
Entities financial Information
Name of the ultimate parent Auditor
Any known violation of any Law/Regulations
This decision shall be in force from 13th July, 2011
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