Define 'customer' with special reference to banking and KYC policy/norms.

Ordinarily, a person who has an account in a bank is considered as customer. The Kerala High Court observed in the case of Central Bank of India Vs Gopinathan Nair and others (AIR, 1979, Kerala (74)) 'Broadly speaking, a customer is a person who has the habit of resorting to the same place or person to do business. So far as banking transactions are concerned, he is a person whose money has been accepted on the footing that banker will honor up to the amount standing to his credit, irrespective of his connection being of short or long standing.' For the purpose of KYC policy/norms, a Customer is defined as: A person or entity that maintains an account and/or has a business relationship with the bank One on whose behalf the account is maintained (i.e. The beneficial owner) Beneficiaries of transactions conducted by professional intermediaries, such as stock brokers, Chartered Accountants, Solicitors etc.as permitted under the law and Any person or entity connected with a financial transaction which can pose significant reputational or other risks to the bank, say a wire transfer or issue of a high value demand draft as a single transaction.