Our Money Service Operator has in place a policy on Know Your Customer (KYC) procedures and Anti Money Laundering (AML) measures approved by the Board. The policy was based on the then prevailing guidelines issued by OECD and FATF.
The KYC guidelines have regularly been revised in the context of the recommendations made by the FATF and OECD on AML and CFT standards. These guidelines advise system to follow certain Customer Identification Procedure for opening of Client monitoring transactions of a suspicious nature for the purpose of reporting it to appropriate authority.
We put in place a policy on ‘Know Your Customer’ and Anti-Money Laundering measures including the above referred recommendations with the approval of the Board.
We created this guideline using recommendations of OECD and FATF on Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Sterling Payment Services Companies and Intermediaries) Rules, 2005 and any contravention thereof or non-compliance may attract penalties under Online System Regulation Act.
The customer obtains full informational kit on our compliance policies when we open an Client and our liabilities are prefixed in the agreement with customer.