Know Your Customer Guidelines
 

The objective of this policy is to prevent the Company (SIFCL), a Residuary on Banking Company registered with Reserve Bank of India U/s 45 IA of the Reserve Bank of India Act, 1934 as deposit taking company, from being used, internationally or unintentionally, by criminal elements for money laundering activities. This policy also enable Sahara India Financial Corporation Limited to know/understand their customers and their financial dealings better which in turn help them to manage their risk prudently.

The policy shall consist of four key elements

1. CUSTOMER ACCEPTANCE POLICY:

  • New account shall be opened in such way to ensure that the identity of the person does not match with any person with known criminal background or with banned entities such as individual terrorists or terrorist organizations etc.
  • New account shall be opened keeping in mind the requirements of Prevention of Money Laundering Act, 2002 and guidelines issued by Reserve Bank of India.
  • No account shall be opened unless the customer submits the identity or document as per the classification.
  • The company may ask sources of funds before accepting deposits from customers requiring higher due diligence as briefed hereunder:

    i.   Non-resident customers.
    ii.  Trusts, Charities, NGOs and Organizations receiving donations.
    iii.  Companies having close family shareholding or beneficial ownership.
    iv. Politically exposed persons (PEPs) of foreign origin and
    v. Those with dubious reputation as per public information available etc.

  • The customer profile shall be a confidential document and details contained there in shall not be divulged for cross selling or any other purpose.

2. CUSTOMER IDENTIFICATION PROCEDURE:

The Customer Identification means identifying the customer and verifying the customer his/her identity by using reliable, documents, data or information. Sahara India Financial Corporation Limited needs to obtain information necessary to establish, the identity of new customers.

The detail of information required for opening of account by Individual, Corporate, Partnership firms etc. is mentioned below:

Features

Documents to be required for Identification

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 Licence (v) Identity Card issued by the employers or other authority (vi) Letter from a recognized public authority or public servant verifying the identity and residence of the customer Telephone bill (ii) Bank account statement (iii) Letter from any recognized public authority (iv) Electricity Bill (v) Ration Card (vi) Letter from employer (vii) Passport (viii) Voters Identity Card (ix) Driving License

   

Accounts of Companies

  • Name of the Company
  • Principal place of business
  • Mailing address of the Company
  • Telephone/Fax Number

Certificate of incorporation and Memorandum & Articles of Association (ii) Resolution of the Board of Directors to deposit the money in the Company along with list of authorized signatories (iii) Power of Attorney granted to its Managers, Officers of employees to transact business of 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 address
  • 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 documents, identifying the Partners and the persons holding the Power of Attorney and their addresses (v) Telephone bill in the name of firm/partner.

   

Accounts of Trusts & Foundations

  • Names of Trustees, Settlers, beneficiaries and signatories
  • Names and address of the Founder, the Managers/Directors and the Beneficiaries
  • Telephone/Fax Number

(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, Settlers, beneficiaries and those holding Power of Attorney, Founders/ Managers/ Directors and their address (iv) Resolution of the managing body of the foundation/ association (v) Telephone bill.


3. MONITORING OF TRANSACTIONS:
  • Regular monitoring of policy and its implementation.
  • Effective controls shall be implemented.
  • All the records regarding deposit accounts of Rs. 2 lakhs and above shall be kept separately in case of fixed/one time deposit.
  • The deposits account opened by the customers requiring higher due diligence which are narrated under shall be subject to intensified monitoring:

    i.   Non-resident customers.
    ii.  Trusts, Charities, NGOs and Organizations receiving donations.
    iii. Companies having close family shareholding or beneficial ownership.
    iv. Politically exposed persons (PEPs) of foreign origin.
    v. Those with dubious  reputation as per public information available etc.

  • Proper record of the transaction should be preserved or maintained as per the requirement of Section 12 of the Prevention of Money Laundering Act, 2002.

4. RISK MANAGEMENT

  • The Sahara India Financial Corporation Limited has adopted effective KYC programme by establishing appropriate procedures and ensuring their effective implementation.
  • Responsibility has been explicitly allocated so that the policies and procedures are implemented effectively.
  • The company has a system for creating risk profile of its existing and new customers and apply measures to stop Money Laundering.
  • Proper internal audit and compliance system has been put in place to ensure adherence to the KYC policies and procedures.
  • There is a ongoing employees training programme so that members of the staff are adequately trained for KYC procedures.

APPOINTMENT OF PRINCIPAL OFFICER

Company has appointed Shri D.K. Srivastava, Executive Director Worker to be designated as Principal Officer posted at Registered & Command Office of the Company Sahara India Bhawan, 1, Kapoorthala Complex, Lucknow - 226024

RESPONSIBILITY OF PRINCIPAL OFFICER REGARDING ‘KNOW YOUR CUSTOMER’ (KYC) POLICY-ANTI MONEY LAUNDERING STANDARDS

  • He shall be responsible for monitoring and reporting of transaction and sharing of information as required by the Competent Authority.
  • He shall be responsible for getting implementation of ‘Know your Customer’ (KYC) Policy-Anti Money Laundering Standards

Definitions:

Customer: A Customer may be defined as

  • A person or entity that maintains an account and / or has a business relationship with the company.
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