Discuss in detail the responsibilities of Banks under the PMLA, 2002 and KYC guidelines.

The Prevention of Money Laundering Act (PMLA), 2002, and the Know Your Customer (KYC) guidelines are two critical regulatory frameworks in India aimed at combating money laundering and terrorist financing activities. These regulations place significant responsibilities on banks to ensure compliance and contribute to the overall integrity of the financial system. Let's delve into the detailed responsibilities of banks under the PMLA, 2002, and KYC guidelines:

1. **Customer Due Diligence (CDD)**:
   - Banks are required to establish the identity of their customers and verify the authenticity of their documents through the process of KYC. This involves collecting and verifying ___ _________ _________ ___ ________ ________ ______ ______ ______ _____ _____ ________.
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