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Know your investment partner beforehand!
ONE would often observe that whenever we want to open a new bank account with any bank, one of the forms which we are asked to fill is called ‘KYC’ form. What does this acronym ‘KYC’ mean to a normal human being? The expanded form of ‘KYC’ is nothing but it stands for - “Know Your Customer”. This famous acronym i.e. ‘KYC’ is very popular in the banking/ financial industry across the world. “Know your customer (KYC)” is the due diligence that banks/ financial institutions and other regulated companies must perform to identify their clients and ascertain relevant information pertinent to doing financial business with them. ‘Know your customer (KYC)’ policies are becoming increasingly important globally to prevent/ identify transactions relating to theft, fraud, money laundering and terrorist financing etc. Howsoever influential one might be no bank of professional standing will open an account until that customer passes the mandatory ‘KYC’ guidelines/ procedures. That being the practice ...
MPs decry ‘Escrow’ report spill
Led by nominated MP James Mbatia, legislators termed it as intrusion of Parliamentary powers and thus in contravention of Parliamentary Powers, Rights and Privileges Act No.3 of 1988 Soon after the morning Questions-and-Answers session, Mr Mbatia raised the matter that had led to the weekend’s arrest of the suspect who was found with the documents. Mr Mbatia said the suspect was arrested on Sunday following a complaint filed by the Clerk of the National Assembly, Dr Thomas Kashilila. The suspect was found with three different documents, two of which bore the official rubber stamp of the office of the Clerk. The other one did not have any stamp. Mr Mbatia called on the Speaker, Ms Anna Makinda, to first suspend the day’s Bunge activities to open the floor to debate on the matter, including how the documents had left the Parliament’s precincts. Ms Makinda intervened saying it was not yet clear how the suspect acquired the said documents, but that it would be more procedural if the House ...






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