Know your client system for CAs

The Institute of Chartered Accountants of India ICAI has introduced a new system for adoption by its members to help them get all information and minute details of their clients before engaging them.

The information,like antecedents of clients,whether Indian or foreign,under the 8216;Know Your Clients8217; would help Chartered Accountants CAs select the right type of clients and also prevent them entering into any unnecessary problems or litigation,G.Ramasamy,ICAI president,said in an interview.

Though mandatory in nature,it would be better if CAs adopted it for their own benefit and reputation,he said. The Institute is also preparing a detailed report on Black money,benami transactions and money laundering,which would take another one month for completion,Ramasamy said.