Definition of Customer (KYC)

PPB Banker-Customer Relationship Free JAIIB Capsule 48 views Updated 23 Sep 2026

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PPB · Banker-Customer Relationship

As per KYC norms and PMLA 2002, who exactly qualifies as a 'Customer' of a bank?

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A person/entity maintaining an account, executing a transaction, or the beneficial owner behind a transaction.

It includes non-account holders doing walk-in transactions (like high-value DDs) and professional intermediaries acting on someone's behalf.

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Definition of Customer (KYC) — Full Text

As per KYC norms and PMLA 2002, who exactly qualifies as a 'Customer' of a bank?

Answer

A person/entity maintaining an account, executing a transaction, or the beneficial owner behind a transaction.

Additional notes

It includes non-account holders doing walk-in transactions (like high-value DDs) and professional intermediaries acting on someone's behalf.

Part of Principles & Practices of Banking · Banker-Customer Relationship · Last updated 23 Sep 2026

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