KYC & AML Policy

ECURRENCY TEAM should frame their KYC policies incorporating the following four key elements:

Customer Acceptance Policy:

i) No account is opened in anonymous or fictitious/benami name.

(ii) Parameters of risk perception are clearly defined in terms of the nature of business activity, location of customer and his clients, mode of payments, volume of turnover, social and financial status

(iii) Documentation requirements and other information to be collected in respect of Sell Orders of customers depending on perceived risk and keeping in mind the requirements

(iv) Once the Beneficiary Account Added to our Records not possible to Change, in case of Account Closed then we will accept the New Account Details after received the New Bank Account Pass Book First Page Details Scan Copy (Scanned copy)

(v) Circumstances, in which a customer is permitted to act on behalf of another person/entity, should be clearly spelt out in conformity with the established law and practice of banking as there could be occasions when an account is operated by a mandate holder or where an account is opened by an intermediary in fiduciary capacity.

Customer Identification Procedure

Features to be verified and documents that may be obtained from customers

Features Documents
Accounts of individuals ·         Legal name and any other names used     ·         Correct permanent address   (i) Passport  (ii) PAN card (iii) Voter’s Identity Card (iv) Driving License (v) Job Card issued by NREGA duly signed by an officer of the State Govt (vi) The letter issued by the Unique Identification Authority of India ( UIDAI) containing details of name, address and Aadhaar number (vii) Identity card (subject to the bank’s satisfaction) (viii) Letter from a recognized public authority or public servant verifying the identity and residence of the customer to the satisfaction of bank (i) Telephone bill (ii) Bank account statement (iii) Letter from any recognized public authority (iv) Electricity bill (v) Ration card (vi) Letter from employer (subject to satisfaction of the bank) (vii) A rent agreement indicating the address of the customer duly registered with State Government or similar registration authority. (any one document which provides customer information to the satisfaction of the bank will suffice )
Accounts of companies ·         Name of the company ·         Principal place of business ·         Mailing address of the company ·         Telephone/Fax Number (i) Certificate of incorporation and Memorandum & Articles of Association (ii) Resolution of the Board of Directors to open an account and identification of those who have authority to operate the account (iii) Power of Attorney granted to its managers, officers or employees to transact business on its behalf (iv) Copy of PAN allotment letter (v) Copy of the telephone bill
Accounts of partnership firms ·         Legal name ·         Address ·         Names of all partners and their addresses ·         Telephone numbers of the firm and partners (i) Registration certificate, if registered (ii) Partnership deed (iii) Power of Attorney granted to a partner or an employee of the firm to transact business on its behalf (iv) Any officially valid document identifying the partners and the persons holding the Power of Attorney and their addresses (v) Telephone bill in the name of firm/partners
Accounts of trusts & foundations ·         Names of trustees, settlors, beneficiaries and signatories ·         Names and addresses of the founder, the managers/directors and the beneficiaries ·         Telephone/fax numbers (i) Certificate of registration, if registered (ii) Power of Attorney granted to transact business on its behalf (iii) Any officially valid document to identify the trustees, settlors, beneficiaries and those holding Power of Attorney, founders/managers/ directors and their addresses (iv) Resolution of the managing body of the foundation/ association (v) Telephone bill
Accounts of Proprietorship Concerns Proof of the name, address and activity of the concern ·         Registration certificate (in the case of a registered concern) ·         Certificate/licence issued by the Municipal authorities under Shop & Establishment Act, ·         Sales and income tax returns ·         CST/VAT certificate ·         Certificate/registration document issued by Sales Tax/Service Tax/Professional Tax authorities ·         Licence issued by the Registering authority like Certificate of Practice issued by Institute of Chartered Accountants of India, Institute of Cost Accountants of India, Institute of Company Secretaries of India, Indian Medical Council, Food and Drug Control Authorities, registration/licensing document issued in the name of the proprietary concern by the Central Government or State Government Authority/ Department, etc. Banks may also accept IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT as an identity document for opening of the bank account etc. ·         The complete Income Tax return (not just the acknowledgement) in the name of the sole proprietor where the firm's income is reflected, duly authenticated/ acknowledged by the Income Tax Authorities. ·         Utility bills such as electricity, water, and landline telephone bills in the name of the proprietary concern. Any two of the above documents would suffice. These documents should be in the name of the proprietary concern.

Monitoring of Transactions & Risk Management

All transactions monitored by our Ecurrency Team Members time to time. When we found any illegal activity or Fraudulent activity in any transaction with us. We block the transactions with those customers.

AML - Anti Money Laundering Policy

ECURRENCY TEAM is not involving any Anti Money Laundering Activities in any Stage. Here you can find information as to the passport for our WM-identifier 297109674801
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