Is there any law prohibiting people to open a account in bank with false names ?

durga (Querist) 10 February 2016 This query is : Resolved
Please help out.

I am phd student working on anti-money laundering practices in banks. I have the following query.
"Is there any law prohibiting people to open a account in bank with false names and other incorrect information?"

Whether Benami Transactions Prohibition Act prohibits people from opening fictitious accounts in banks ?

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Guest (Expert) 10 February 2016
Ms. Durga,

I wonder, if a PhD level student poses such a vague question that too on the anti-money laundering practices. The question arises, how do you feel that any person can open account with his/her false name and other incorrect information and the bank officials are posted just to serve only fraudesters?

If you feel that account can be opened with false name and incorrect particulars, you may try in any bank entertains your request to open account for you in a false name and incorrect particulars without verification of your ID and address proof.

I think your research is directed towards wrong direction. You may better read Banking Regulations Act, rules & regulations on banking and the Directives of the RBI issued from time to time, besides the Anti-Money Laundering Laws In India, before starting your research on the issue.

Please be aware, PhD is not possible by striking in the air.

Rajendra K Goyal (Expert) 11 February 2016
Academic query, state problem if any.

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