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`Know your customer' norms in banks

MUMBAI, MARCH 11. The Reserve Bank of India will soon review the progress made by banks in implementing ``Know your customer' guidelines at the branch level to strengthen the mechanism to keep a check on money laundering activity.

The central bank had set a timetable in December for banks to adhere to KYC procedures for customer accounts, including individual and corporate clients and "we expect the phased implementation system to be in place by December 2004,'' the RBI Executive Director, Usha Thorat, said here today. Addressing a seminar on `money laundering,' organised by the Indian Banks Association, she said separate scrutiny would be done by special teams to assess the action taken at the branch level.

PTI

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