Money Laundering refers to the conversion of illegally acquired money to make it appear as if it originated from a legitimate source. It has become one of the major concerns of the financial community. It is also involvement in any transaction or series of transactions that seek to conceal or disguise the nature or source of proceeds derived from illegal activities, including drug trafficking, terrorism, organized crime, fraud, and many other crimes.
According to SEBI, The KYC policy shall clearly spell out the client identification procedure to be carried out at different stages i.e., while establishing the intermediary–client relationship, while carrying out transactions for the client, or when the intermediary has doubts regarding the veracity or the adequacy of
previously obtained client identification data.
i. Passport
ii. Masked Aadhaar card copy (First 8 digits to be masked and with the informed consent of customers)
iii. Driving License
iv. Voter ID card issued by Election Commission of India v. Job card issued by NREGA duly signed by an officer of the State Government
v. Letter issued by the National Population Register containing details of name, address or any other document as notified by the Central Government in consultation with the Regulator
The Principal Officer along with the Internal Audit Head or any other authority responsible for over-all monitoring of the level of compliance activities by PRP Edge Wealth Private Limited and/or its group Companies shall review this policy as and when any changes/amendments take place either in the AML Act
and/or the regulations issued by SEBI