AML/PML

Summarised policy framework on Know Your Customer' (KYC), Antimoney Laundering (AML) and Prevention Of Money Laundering (PML) measures of the bank

The Bank has framed the KYC policies incorporating the following four key elements:

  • Customer Acceptance Policy
  • Customer Identification Procedures
  • Monitoring of Transactions
  • Risk Management

Customer Acceptance Policy

  • The Bank would not establish any business relationship with anonymous or fictitious / benami entities/ shell banks
  • The Bank would keep the customer profile as confidential and details contained therein shall not be divulged for cross selling or any other purposes without the concurrence of the customer.
  • The Bank would not establish a new business relationship or close an existing business relationship where the Bank is unable to apply appropriate customer due diligence measures i.e the Bank is unable to verify the identity and /or obtain documents required as per the risk categorization due to non cooperation of the customer or non reliability of the information furnished to the Bank.
  • The Bank would exercise due care before admitting new borrowers so as to ensure that the identity of the borrower does not match with any person with any known criminal background or banned entities.

Customer Identification Procedure (CIP)

The Bank has a detailed Customer Identification Procedure in place and obtain the documents depending upon the status of the customer.

Monitoring of transactions

  • All the disbursements made to the customers and all the receipts from the customers would be by way of crossed cheques /demand drafts and through other proper Banking channels such as account transfers only.
  • The Bank generally would not undertake any cash transaction except for very small value transactions for administrative purposes.

Records containing information

Exim Bank would maintain records of all 'suspicious transactions'. 'Suspicious transactions' means a transaction whether or not made in cash which, to a person acting in good faith - (a) gives rise to a reasonable ground of suspicion that it may involve the proceeds of crime; (b) appears to be made in circumstances of unusual or unjustified complexity; or (c) appears to have no economic rationale or bonafide purpose. The records pertaining to suspicious transaction would contain the date on which the transaction was conducted, the nature of the transaction, the amount and the currency in which the transactions was executed.

Procedure and manner of maintaining information

Exim Bank would maintain information in respect of transactions with its client referred to above in hard and soft copies in accordance with the procedure and manner as may be specified by RBI and SEBI, as the case may be, from time to time. The Bank would observe the procedure and the manner of maintaining information as specified by RBI or SEBI, as the case may be.

Retention of records

The records referred to in para (d) above would be maintained for a period of ten years from the date of the transaction.

The Wolfsberg Questonnaire

Appointment of Principal Officer

Officer in the rank of General Manager has been appointed as Principal Officer of Exim Bank who is responsible for monitoring and reporting of all transaction and sharing of information as required under the law for the purpose of KYC, AML and also for PML.

Contact Details are as under :

Mr. Vikramaditya Ugra
e-mail : vikramaditya@eximbankindia.in