Last updated: 01 April 2024
Approved by Board of Directors · Ashiana Fincap Private Limited
1. Legal Framework
This policy is framed in accordance with the Prevention of Money Laundering Act, 2002 (PMLA) and the rules thereunder, RBI Master Direction on KYC dated 25 February 2016 (as updated), and the FATF recommendations applicable to India.
2. Customer Due Diligence (CDD)
- Identification: Collect and verify Officially Valid Documents (OVD) for all customers — Aadhaar, PAN, Voter ID, Passport, or Driving Licence.
- Beneficial Ownership: Identify and verify beneficial owners for non-individual entities (shareholding ≥10%).
- Ongoing Monitoring: Periodically update KYC records (low risk: 10 years, medium risk: 8 years, high risk: 2 years).
- Enhanced Due Diligence (EDD): Applied to Politically Exposed Persons (PEPs), high-risk customers, and suspicious accounts.
3. Transaction Monitoring
Unusual or suspicious transactions are monitored and reported to the Financial Intelligence Unit – India (FIU-IND) as per PMLA requirements.
4. Record Keeping
KYC records and transaction records are maintained for a minimum of 5 years after the end of the business relationship, as required by PMLA.
5. Training
All employees are trained on KYC/AML procedures at induction and annually thereafter.
6. Principal Officer
The Company has designated a Principal Officer responsible for reporting to FIU-IND and ensuring compliance with PMLA. Contact: info@ashianafincap.com