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Saturday, December 16 2017 | 03:15:57 AM

PMLA
The Background:
Money laundering means involvement in any transaction or series of transactions that meant 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.
The Prevention Of Money-Laundering Act, 2002 (as amended) was notified on July 1, 2005. Subsequent to this, the Securities and Exchange Board of India (SEBI) has, on 18th January 2006, required market intermediaries to adopt a policy framework with respect to identifying any money laundering or terrorist financing activities and discouraging the same.
The Objective of ANTI MONEY LAUNDERING POLICY:
The Objective of ANTI MONEY LAUNDERING POLICY:
  • a.   To prevent financial intermediaries from being used as a channel for the purpose of Money laundering & terrorist financing.
  • b.   To preserve the integrity/stability of the Financial System.
  • c.   To work hand in hand with the regulators to flush money laundering and terrorist financing activities out of our financial system.
We KJMC Capital Market Services Ltd , a stock broker, depository participant have framed comprehensive KYC and AML policy and strictly adhere to the same.
We have a system in place for identifying, monitoring and reporting suspicious transaction. We undertake,

  Client Due Diligence : We seek to obtain sufficient information in order to identify person using reliable data or information. No account is opened or transactions conducted in the name of or on behalf of banned/suspended individuals, organisations, entities, etc. For the purpose, necessary cross checks is made to ensure that the identity of a customer does not match with any person with known criminal background or with banned/ suspended entities. ) No account is opened if appropriate due diligence measures cannot be applied to a customer for want of verifiable documents on account of non co-operation of the customer or non-reliability of the data/information furnished to us

  Client Identification/Acceptance procedure : " Know Your Clients " (KYC) is the guiding principle behind the Anti-Money Laundering (AML) measures. It would enable the Company to know/ understand its customers, the beneficial owners, in case of non-individual entities, the principals behind customers who are acting as agents and their financial dealings better which in turn will help the Company to manage its risks prudently. In person verification of the client is done. Proof of identification and proof of address is collected. Client’s signature is verified.

  Clients of Special Category : We identify clients into a category of high risk, medium risk and low risk depending upon their background, business and transaction done.

  Risk Based Approach : We perform ongoing scrutiny of the transactions and account throughout the course of the business relationship to ensure that the transactions being conducted are consistent with the client’s profile, his business and financial profile updated with us.
Clients need to provide details of their Income/Net worth to the intermediary on annual basis to enable the intermediary to ascertain clients’ financial profile.