Who is a Customer under Know Your Customer (KYC) ?

For the purpose of KYC, a 'Customer' includes:- A person who is engaged in a financial transaction or activity with a reporting entity and includes a person on whose behalf the person who is engaged in the transaction or activity, is acting; A director who has been allotted DIN issued by the Ministry of Corporate Affairs; A person or entity that maintains an account and/or has a business relationship with the bank; Beneficiaries of transactions conducted by professional intermediaries such as stockbrokers, Chartered Accountants, Company Secretaries or solicitors, as permitted under the law; or Any person or entity connected with a financial transaction which can pose significant reputational or other risks to the bank, for example, a wire transfer or issue of a high-value demand draft as a single transaction; One on whose behalf the account is maintained (i.e. the beneficial owner).