What is KYC (Know Your Customer)?

KYC Full Form - Know Your Customer. literally, it means you know your customer. KYC is a full-fledged due diligence activity. Know Your Customer is the activity that financial institutions, companies, or other regulated companies are required to perform to verify the profile of their customers and make sure that doing business with them does not expose the financial institution to any criminal activities. KYC and anti-money laundering are closely linked. The primary objective of the Know Your Customer process at banks is in fact to prevent individuals with criminal activities from using the bank to carry out activities that can be considered as money laundering.

In other words, the goal of this particular process is to get to know the person to whom loans and other financial products are being granted.

What does the Know Your Customer (KYC) Activity Consist of?

As a real due diligence activity, KYC consists of:

  • customer identification
  • identification of any beneficial owner
  • verification of the customer's identity on the basis of documents, data, or information obtained from a reliable and independent source
  • analysis and evaluation of information on the purpose and nature of the business relationship between the customer and the bank or financial institution

Banks and financial institutions must be able to carry out in-depth due diligence of the client in order to contain the risk of money laundering or terrorist financing. If they are unable to carry out such checks, they are required to refrain from allowing the risky transaction to take place.

What is e-KYC?

Earlier, banks required the customers to physically visit their branch and submit the required documents to complete their KYC process. However, customers can now complete the process electronically and online. This process is known as electronic Know your Customer and it is a simple, fast and paperless process.

KYC Documents At Money View

The KYC process at Money View is very simple and you can complete it online by uploading the required documents. The documents required to complete the e-KYC process online for Money View personal loans are as follows:

ID Proof:

  • PAN Card
  • Aadhaar Card
  • Driver's License
  • Passport
  • Voter ID Card

Address Proof:

  • Bank Passbook
  • Aadhaar Card
  • Ration Card
  • Utility Bill
  • Driver's License
  • Passport
  • Voter ID Card

Income Proof:

  • For Salaried
    • Last 3 months’ bank statements (PDF format)
  • For Self-Employed
    • Last 3 months’ bank statements in PDF format or last 2 years’ IT returns
  • Note: ID proof documents should be government-approved and should clearly show your date of birth in dd/mm/yyyy format. Address proof documents should be valid, original and should show your current address clearly along with the pin code.