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.
