Aptus financial reviews1/4/2023 ![]() ![]() Ongoing monitoring is an essential element of effective KYC procedures. #APTUS FINANCIAL REVIEWS CODE#The Company shall take reasonable measures to ascertain and verify the true identity of all customers who transact with the Company.Īll the customers shall be identified by a unique identification code to identify customers, track the facilities availed, monitor financial transactions in a holistic manner and to have a better approach to risk profiling of customers. ![]() The Company shall consult sanctions lists/ FATF statements of known or suspected terrorists or terrorist organizations / jurisdictions and countries that do not or insufficiently apply the FATF recommendations as provided to the Company by RBI or any other applicable government agency to determine whether a person opening an account or an existing customer appears on any such list. The Company shall verify the identity of any Person transacting with the Company to the extent reasonable and practicable and maintain records of the information used to verify a customer’s identity, including name, address and other identifying information. The Company shall obtain sufficient information necessary to establish, to its satisfaction, the identity of each customer and the purpose of the intended nature of business relationship. Customer identification means identifying the customer and verifying his / her identity by using reliable and independent source of documents, data or information to ensure that the customer is not a fictitious/ anonymous/ benami person. The Company shall undertake identification of customers before commencement of an account based relationship. For the purpose of a risk based approach, the Company has categorized its customers into three categories as given below:.While considering customer’s identity, the ability to confirm identity documents through online or other services offered by issuing authorities may also be factored in. The Risk categorization shall be undertaken based on parameters such as customer’s identity, social, financial status, nature of business activity, and information about the clients’ business and their location etc.Customers shall be categorized as low, medium and high risk category, based on the assessment and risk perception of the Company.However, for Risk Management, the Company shall have a risk based approach which includes the following: It is highly unlikely that the Company will have any medium / high risk clients given its focus on the lower income section of society. Given the nature of our business – small ticket loans to low and middle income, informal and financially excluded families – we have categorized our customers as low risk. The customer profile will be a confidential document and details contained therein will not be divulged for cross selling or any other purposes. However, while preparing the customer profile, the Company will seek only such information from the customer which is relevant and is not intrusive. The nature and extent of due diligence will depend on the risk perceived by the Company. The Company will prepare a profile for each new customer which may contain information relating to the customer’s identity, social/financial status, nature of business activity, information about his clients’ business and their location, etc. ![]() When the true identity of the account holder is not known, the Company shall file Suspicious Transaction Reporting (STR) as provided below.While carrying out the due diligence, the Company will ensure that the procedure adopted does not result in denial of banking/financial facility to members of the general public, especially those, who are financially or socially disadvantaged. #APTUS FINANCIAL REVIEWS VERIFICATION#
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