KYC institution definition

KYC institution means any institution or person, duly licensed by the Bank or the Financial Services Commission established under the Financial Services Act which or who is required to identify and verify the identity of its or his customers under the Financial Intelligence and Anti-Money Laundering Act;
Sample 1Sample 2Sample 3

Examples of KYC institution in a sentence

  • Any duty of confidentiality which may have been imposed on any KYC institution under any enactment shall not apply where the information is required for transmission to the Registry.

  • Neither the Bank nor any KYC institution shall be liable to any prosecution, action or suit in respect of any matter or thing done by them in the discharge, in good faith, of their functions under this section.

  • Every KYC institution shall inform its customers that their KYC records shall be submitted to the Registry.

  • Notwithstanding section 51A(4) and any other enactment, the Bank may, for the purpose of collecting KYC records submitted to KYC institutions by their customers, establish a Central KYC Registry and require any KYC institution to furnish to the Registry, on such terms and conditions as it may determine, such information as it may require for the purpose of maintaining the Registry.

  • An extended disruption to equity markets may affect the Company’s ability to obtain additional financing.

  • Objectives of the ProjectIn terms of section 52A of the Bank of Mauritius Act 2004, the Bank may, for the purpose of collecting KYC records submitted to KYC institutions by their customers, establish a CKYC and require any KYC institution to furnish to the CKYC, on such terms and conditions as it may determine, such information as it may require for the purpose of maintaining the Registry.

  • In 2010, heart disease will cost the United States $316.4 billion.22As shown in Table 103, Palm Beach County and the state of Florida both show a downward trend in the number of hospitalizations due to coronary heart disease in the years of 2008-2010.

  • In terms of section 52A of the Bank of Mauritius Act 2004, the Bank may, for the purpose of collecting KYC records submitted to KYC institutions by their customers, establish a Central KYC Registry (‘CKYC’) and require any KYC institution to furnish to the CKYC, on such terms and conditions as it may determine, such information as it may require for the purpose of maintaining the Registry.

  • A KYC institution comprises any institution or person, duly licensed by the Bank or the FSC which or who is required to verify the identity of its or his customers under the Financial Intelligence and Anti-Money Laundering Act.

Related to KYC institution

  • State institution means a mental health institute, as defined in s. 51.01 (12), a center for the developmentally disabled, as defined in s. 51.01 (3), or a secure mental health facility at which persons are committed under s. 980.06.

  • banking institution means a bank, bank and trust company, trust company, savings bank, private bank, or a national banking association, organized and doing business under the provisions of any law of this state, or of any other state of the United States, or under the provisions of any law of the United States of America.

  • Public institution means any entity established or controlled by the federal government, state government, or a local government or municipality, including, but not limited, institutions of higher education and related research institutions.

  • credit institution means a credit institution as defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013;

  • Qualified Institution means a major U.S. commercial bank or a foreign bank with a U.S. branch office or a U.S. agency office with a Credit Rating of at least “A” by S&P and “A2” by Xxxxx’x and, if rated by Fitch, at least “A” by Fitch.”

  • Eligible Institution Any of the following: