In banking, OSV stands for Original, Seen and Verified. It refers to the process where a bank employee verifies a copy of a document against the original document. This ensures the copy is a true representation of the original.
Here's a more detailed explanation:
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Original: This refers to the primary document, be it a passport, driver's license, bank statement, or any other document required by the bank.
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Seen: This means the bank employee has physically seen and reviewed the original document.
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Verified: This signifies that the bank employee has compared the copy against the original and confirmed that the copy accurately reflects the original document. The employee then typically certifies the copy as a "True Copy" with their signature, date, and employee ID (or stamp).
Essentially, OSV provides assurance that the copy being used by the bank is a faithful representation of the original document. This is important for compliance, Know Your Customer (KYC) requirements, and preventing fraud. Banks often require certified true copies when they need documentation but cannot retain the original documents provided by the customer.
