In line with the Reserve Bank of India's (RBI) guidelines on Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, Altura Financial Services Limited ("Company") is committed to preventing its services from being misused for money laundering or financing terrorism activities. This policy outlines the comprehensive framework for customer identification and transaction monitoring, as required by the RBI and relevant regulations.
The primary objectives of this Policy are:
For the purposes of this policy, a ‘Customer’ refers to any individual or entity engaged in business with the Company, as defined by the RBI's KYC norms and AML guidelines.
The Customer Acceptance Policy mandates that all potential and existing customers must complete the Altura Financials’ Application Form, providing necessary information and supporting documents. This process is essential for customer identification and compliance with KYC requirements.
Customer identification involves verifying the identity of customers through reliable, independent sources. Altura Financials’ will gather sufficient information to verify the identity of each new customer, including details about the business’s owners and management. This process will be adapted based on the perceived risk level.
Customers must submit the following documents:
Transaction monitoring will be conducted based on the risk profile of each account. Altura Financials’ will review customer transactions to identify unusual patterns, especially large or complex transactions without apparent economic or lawful purpose. The risk categorization of loan assets will be reviewed at least every 6 months. Customer identification data, including photographs, will be updated regularly, with a minimum review period of five years for low-risk customers and two years for high-risk customers.
To comply with the Prevention of Money Laundering Act, 2002, Mr. Ravi Shankar Kumar, Director, is designated as the Company’s "Designated Director" for KYC/AML. Mrs. Kanchan Kumari will serve as the Principal Officer responsible for monitoring and reporting KYC/AML activities.
The Principal Officer(s) will operate independently and report directly to the Designated Director. Their responsibilities include overseeing compliance with KYC/AML/CFT regulations and ensuring adherence to the Prevention of Money Laundering Act, 2002.
All customers are subject to this policy, with exceptions only for statutory bodies such as RBI-registered banks or government entities. Customers will be categorized based on risk levels into:
No exemptions will be made from Altura Financials’ KYC procedures regardless of the customer’s status or relationship with the Company. Risk categorization will be adjusted based on risk assessments.
The Principal Officer may present periodic reports to the Board of Directors for high-risk cases requiring further assessment. An independent consultant with relevant expertise may be consulted if necessary. All risk-related discussions will be confidential and not disclosed to third parties.
KYC guidelines apply to new customers and are also enforced for existing customers based on materiality and risk. Continuous monitoring of existing accounts will detect any unusual activity. Information collected from customers will be securely retained and treated as confidential, with no use for cross-selling or other unauthorized purposes.
Altura Financials’ will maintain an ongoing training program to ensure employees are well-versed in KYC/AML/CFT procedures. Training will be tailored for frontline staff, compliance staff, and those handling new customers, emphasizing the importance of understanding and implementing KYC policies.
The Board of Directors is authorized to amend or modify this KYC/AML/CFT Policy as needed to align with RBI regulations and other statutory requirements.