CA CS CWA Latest News

ICAI issues Mandatory KYC Norms Applicable from1st January 2017

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 Know Your Client (KYC) norms at it’s 356th Meeting held on 29th, 30th June and 1st July, 2016.

KYC Norms

KNOW YOUR CLIENT (KYC) NORMS

The financial services industry globally is required to obtain information of their clients and comply with KYC norms.

Keeping in mind the highest standards of Chartered Accountancy profession in India, the Council of ICAI thought it necessary to issue 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 which are mandatory in nature and shall apply in all assignments pertaining to attest functions.

1. WHERE CLIENT IS AN INDIVIDUAL/ PROPRIETOR
A. GENERAL INFORMATION

Name of the Individual
PAN No. or Aadhar Card No. of the Individual
Business Description
Copy of last Audited Financial Statement

B. ENGAGEMENT INFORMATION

Type of Engagement

2. WHERE CLIENT IS A CORPORATE ENTITY

A. GENERAL INFORMATION
Name and Address of the Entity
Business Description
Name of the Parent Company in case of Subsidiary
Copy of last Audited Financial Statement

B. ENGAGEMENT INFORMATION
Type of Engagement

C. REGULATORY INFORMATION
Company PAN No.
Company Identification No.
Directors’ Names & Addresses
Directors’ Identification No.

3. WHERE CLIENT IS A NON-CORPORATE ENTITY

A. GENERAL INFORMATION
Name and Address of the Entity
Copy of PAN No.
Business Description
Partner’s Names & Addresses (with their PAN/Aadhar Card/DIN No.)
Copy of last Audited Financial Statement

B. ENGAGEMENT INFORMATION
Type of Engagement

These norms shall come into force w.e.f 1st January, 2017.

 

Related posts

Study Plan and Exam tips for CA Final Financial Reporting

Author

Recommendations of SIT on Black Money – Third SIT Report

Vivek RaM

1 comment

Govind D December 11, 2016 at 1:21 pm

Thanks for the information. very useful

Reply

Leave a Comment