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 Prevention of Money Laundering Act (PMLA)
Prevention of Money Laundering Act - Policy Framework
With reference to SEBI circular regarding implementation of Prevention of Money Laundering Act,2002 we at BNR Capital Services Pvt. Ltd. have framed the following policy towards implementation for Trading Member of BSE
Policy for acceptance of clients:- New accounts of clients irrespective of whether they are individual, corporate or HUF are opened only through introduction of existing clients. Unknown persons are not permitted to open their trading account. No account is opened in a fictitious or benami name.
Procedure for Identifying clients:- Trading accounts are opened only when all the documents/enclosures are proper. It is mandatory to provide all details in KNOW YOUR CLIENT application such as a photograph, copy of PAN, Copy of blank cheque, proof of address issued by central/ state government. It is also mandatory to give the details of nominee along with the photograph and signature. Verification of proofs is done with the original before accepting the form. Even the PAN is verified and checked via the Income Tax Website so as to ensure proper identification. Signature is scanned for verification. The person has to be present in person for opening the account.
Transaction Monitoring:- Regular monitoring of transaction is done for ensuring effectiveness of the Anti Money Laundering procedures. Any transaction of retail clients of value exceeding Rs. 10 lacs is reported if its an irregular transaction and if the size of the order is not commensurate with client income level disclosed or if its more than his usual order size.
Suspicious Transaction Report:- Any transaction which does not make economic sense or is complex or which arises the suspicion of any employee is immediately informed to the compliance department.
Record Keeping: -All records are bounded, stored and preserved for a period of 10 years.
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