AML Policy Overview

A proper system is in place for opening of new customer/supplier account. Without onboarding the new customer/supplier in compliance with the set procedures, no transaction is entertained. ‘Know Your Customer / Customer Due Diligence procedures and guidelines’ are scrupulously adhered to before opening any new account. The compliance department go through the documents submitted by the parties before approving the same and the approval of compliance department is mandatory for account opening. We work strictly on bank to bank transfers.

Ultimate beneficial ownership of corporates and other legal entities with whom we do transactions are established by of obtaining and verifying copies of trade licenses, company incorporation documents, export and/or import licenses, passport copies and any other documents deemed necessary for the jurisdiction the account holder is from.

Enhanced due diligence is conducted when transactions appear to be potentially suspicious. Concerned staff ensures to ask for additional identification documents or documentary proof in such cases.

In case of suspicious transaction, such cases are reported on concurrent basis to the compliance department as part of our internal reporting system. The Compliance department in turn will conduct in-depth investigation, and take an appropriate action before reporting such transactions to Joint Financial Intelligence Unit (JFIU)

Before appointment of each employee, the HR department conducts a due diligence and ask for references from previous employers or institutions. Once appointed, each employee is given basic understanding of AML rules and company policies in this regard. All employees are required and instructed to adhere to the established AML rules in this regard. 

All records including, customer’s identification documents and related data, transaction data, and any other related documents are maintained and retained for a minimum of four years.