ICAI KYC Norms mandatory for practicing CAs for all assignments pertaining to attest functions of all type of clients w.e.f 01-01-2017
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.
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
B. ENGAGEMENT INFORMATION
2. WHERE CLIENT IS A CORPORATE ENTITY
A. GENERAL INFORMATION
B. ENGAGEMENT INFORMATION
C. REGULATORY INFORMATION
3. WHERE CLIENT IS A NON-CORPORATE ENTITY
A. GENERAL INFORMATION
B. ENGAGEMENT INFORMATION
These norms shall come into force w.e.f 1st January, 2017.
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Dear Sir,
As the Norms are prescribed by the ICAI which shall come into force w.e.f. 01.01.2017. Is there any Forms related to KYC in which one has to record or otherwise ...