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Customer Due Diligence

Para 5 - Guidelines - Guidelines for Anti-money laundering measures - Para 5 - 5. 5.1 The ( CDD ) measures comprise the following: (a) Obtaining sufficient information in order to identify persons who beneficially own or control securities account. Whenever it is apparent that the securities acquired or maintained through an account are beneficially owned by a party other than the client, that party should be identified using client identification and verification procedures. The beneficial owne .....

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ermediary s knowledge of the customer, its business and risk profile, taking into account, where necessary, the customer s source of funds. 5.2 Policy for acceptance of clients: 5.2.1 All registered intermediaries should develop customer acceptance policies and procedures that aim to identify the types of customers that are likely to pose a higher than the average risk of money laundering or terrorist financing. By establishing such policies and procedures, they will be in a better position to a .....

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ng on perceived risk and having regard to the requirement to the Prevention of Money Laundering Act 2002, guidelines issued by RBI and SEBI from time to time. d) Ensure that an account is not opened where the intermediary is unable to apply appropriate clients due diligence measures / KYC policies. This may be applicable in cases where it is not possible to ascertain the identity of the client, information provided to the intermediary is suspected to be non genuine, perceived non cooperation of .....

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gent- client registered with the intermediary, as well as the person on whose behalf the agent is acting should be clearly laid down). Adequate verification of a person s authority to act on behalf the customer should also be carried out. f) Necessary checks and balance to be put into place before opening an account so as to ensure that the identity of the client does not match with any person having known criminal background or is not banned in any other manner, whether in terms of criminal or .....

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and organizations receiving donations d. Companies having close family shareholdings or beneficial ownership e. Politically exposed persons (PEP) of foreign origin f. Current / Former Head of State, Current or Former Senior High profile politicians and connected persons (immediate family, Close advisors and companies in which such individuals have interest or significant influence) g. Companies offering foreign exchange offerings h. Clients in high risk countries (where existence / effectivenes .....

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t transactions for the client or when the intermediary has doubts regarding the veracity or the adequacy of previously obtained client identification data. The client should be identified by the intermediary by using reliable sources including documents / information. The intermediary should obtain adequate information to satisfactorily establish the identity of each new client and the purpose of the intended nature of the relationship. The information should be adequate enough to satisfy compet .....

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