"Know Your Customer" (KYC) is a set of guidelines designed for proper identification of an account holder or customer for the scrutiny or monitoring of large value cash transactions. It aims to prevent financial institutions from being used intentionally or unintentionally by criminal elements for committing financial frauds or  for the transferring or depositing of funds derived from criminal activity.

 

The adoption of ''know your customer'' policy or procedures by Karim Money Exchange has proven extremely effective in detecting suspicious activity in a timely manner. 

 

Karim Money Exchange’s KYC policy is at the heart of the anti-money laundering measures adopted by the company. The Company strictly follows all the due diligence policies and procedures of Her Majesty’s Revenue and Customs(HMRC) to identify the principal before the transaction actually takes place.  

 

The three main areas of the policy are aimed at are:

Ensuring that reasonable measures are taken to obtain information about the true identity of the persons on whose behalf a transaction is made.

There are record keeping procedures that are followed – all necessary records on transactions, both domestic or international are created and maintained for a specific period of time.

Special attention is given to all complex, unusual large transactions.

 

 

The policy framework of Karim Money Exchange is intended to regulate the operations so as to ensure the flow of only legal money through the remittance channels.

We aim to :  

Determine the true identification of each customer seeking to conduct a transaction.

Be aware of any unusual transaction activity in order to prevent the creation of fictitious accounts.

Implement all regulatory and internal procedures properly

 

Karim Money Exchange will focus on correctly profiling the customer in the Remittance application forms by obtaining and recording the following evidence of identification:

Driving Licence

Passport

Government issued identity card                                          

Utility bills such as: Water rates, telephone, gas, electricity or Council Tax bills.

Communications from Government departments such as: Letters from the Inland Revenue, the DSS, Department of Works & Pensions showing name and address. (any evidence for address must be less than 3 months old)

In the case of larger transactions further evidence of permanent address and evidence of income is required.

 

 

Our existing policy includes procedures for creating and maintaining a record of information that includes all the identification evidence for a customer.

 

 There will be regular reviews of transaction records to ensure that procedures are being followed and to identify any trends in activity.