Know Your Customer Policy
Dadhich Finserv Private Limited is a Private Limited Company registered under the Companies Act,2013. The Company was incorporated on 26.07.2017 with Certificate of Incorporation issued by the Registrar of Companies, Central Registration Centre vide CIN U65999RJ2017PTC058658. It is a Non-Banking Finance Company (NBFC) licensed by Reserve Bank of India.
1. Background
The Reserve Bank of India (RBI) has issued comprehensive ‘Know Your Customer’ (KYC) Guidelines to all Non-Banking Financial Companies (NBFCs) in the context of the recommendations made by the Financial Action Task Force (FATF) and Anti Money Laundering (AML) standards and Combating Financing of Terrorism (CFT) policies as these being used as the International Benchmark for framing the stated policies, by the regulatory authorities. In view of the same, Dadhich Finserv Private Limited (“Company”) has adopted the said KYC guidelines with suitable modifications depending on the activity undertaken by it. The Company has ensured that a proper policy framework on KYC and AML measures are formulated in line with the prescribed RBI guidelines and duly approved by its Board (“Board /Committee”).
2. Objective, Scope and Applicability of the policy
The objective of KYC guidelines is to prevent the Company from being used, intentionally or unintentionally, by criminal elements for money laundering activities or terrorist financing activities. KYC procedures shall also enable the Company to know and understand its Customers and its financial dealings better which in turn will help it to manage its risks prudently. Thus, the KYC policy has been framed by the Company for the following purposes:
1. To prevent criminal elements from using Company for money laundering activities.
2. To enable Company to know and understand its Customers and their financial dealings better which, in turn, would help the Company to manage risks prudently.
3. To put in place appropriate controls for detection and reporting of suspicious activities in accordance with applicable laws/laid down procedures.
4. To comply with applicable laws and regulatory guidelines.
5. To ensure that the concerned staff are adequately trained in KYC/AML/CFT procedures.
This KYC Policy is applicable to all branches/offices and including any outsourced manpower working for the Company and is to be read in conjunction with related operational guidelines issued from time to time. Policy shall be applicable to all verticals / products of the Company whether existing or rolled out in future. This Policy includes key elements as under:
