KYC Policy

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Know Your Customer

Know Your Customer” (KYC) is a set of guidelines designed for proper identification of an account holder customer for scrutiny monitoring of large value cash transaction. It aims at preventing financial institutions from being used intentionally or unintentionally by criminal elements for committing financial frauds, transferring or deposits of funds derived from criminal activity. The adoption of ‘know your customer’ policy or procedures by Money Masters has proven extremely effective in detecting suspicious activity in a timely manner.

KYC Policy

Money Masters KYC policy is at the heart of anti-money laundering measures adopted by the company. The Company strictly follows all the due diligence policies and procedures of the State Bank to identify the principal before the transaction actually takes place.

Contents of “Know Your Customer”

The policy framework of Money Masters is intended to regulate the operations so as to ensure the flow of only legal money through the remittance channels. We aim to:

  • Determine and make out the true identification of each customers seeking to conduct transaction
  • Aware of any unusual transaction activity
  • In order to prevent the creation of fictitious accounts, implementation of procedures properly

We try to focus on the following key areas in maintaining the KYC policy:

Customer Profile

Money Masters Exchange focuses on correctly profiling the customer in the Remittance application forms covering the following

  • Name of the Customer
  • Date and place of birth
  • Nationality
  • Permanent Address
  • Telephone Nos. (Res. & Off.)
  • Purpose of transaction
  • Passport No (if the customer is making a TT, DD or Traveler\’s Cheques)
  • NTN (depend upon the nature of remittance)
  • Nature of Business
  • Bank Account

Record Retention

We do examine existing policy include procedures for making and maintaining a record of information that includes all required identifying information about a customer to verify identification.