Laws By Country
- India: The Reserve Bank of India introduced KYC guidelines for all banks in 2002. In 2004, RBI directed that all banks ensure that they are fully compliant with the KYC provisions before December 31, 2005.
- South Africa: The Financial Intelligence Centre Act 38 of 2001 (FICA)
- USA: Pursuant to the USA Patriot Act of 2001, the Secretary of the Treasury was required to finalize regulations before October 26, 2002 making KYC mandatory for all US banks. The related processes are required to conform to a customer identification program (CIP)
- New Zealand: Updated KYC laws were enacted in late 2009, and entered into force in 2010. KYC is mandatory for all registered banks and financial institutions (the latter being given an extremely wide meaning).
Read more about this topic: Know Your Customer
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