NHB guidelines on ‘ KNOW YOUR CUSTOMER’ & ‘ANTI MONEY LAUNDEERNG MEASURES’ for HFCs issued vide circular no NHB/ND/DRS/Pol-No. 33/2010-11 dated 11th October 2010 and revisions there after are the basis for Nivara’s policies and processes with respect to the following four pillars:

  • Customer Acceptance Policy
  • Customer Identification Procedures
  • Monitoring of Transactions
  • Risk management.

For the purposes of KYC policy, a ‘Customer’ is defined under the guidelines as:

  • a person or entity that maintains an account and/or has a business relationship with Nivara
  • one on whose behalf the account is maintained (i.e. the beneficial owner)
  • beneficiaries of transactions conducted by professional intermediaries, such as Stock Brokers, Chartered Accountants, Solicitors, etc. as permitted under the law, and
  • any person or entity connected with a financial transaction which can pose significant reputational or other risks to the HFC, say, a wire transfer or issue of a high value demand draft as a single transaction.

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