The Association of Mutual Funds in Indian (AMFI), an association in Indian that is designed to help define professional and ethical standards for the country’s mutual fund industry, has announced a new policy that will collect information including fingerprints from mutual fund sales agents in an effort to prevent illegal practices.
Among the information being collected from the agents are their personal bank account data, biographical information including identity and address.
All the information collected, including a fingerprint sample, will be embedded into an ID card for each of the country’s mutual fund sales agents so that they will be able to be identified and authenticated as a certified sales agent.
The new program is part of the larger Know Your Customer program developed by the Securities and Exchange Board of India that was designed to help maintain higher security levels in banking and protect against fraudulent mutual fund sales agents.
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