Global policies on prevention of money laundering are regulated by International Monetary Fund (IMF). The aim of the organization is “protecting the integrity and stability of the international financial system, cutting off the resources available to terrorists, and making it more difficult for those engaged in crime to profit from their criminal activities”. The Prevention of Money Laundering Acts worldwide require all intermediaries associated with securities market to maintain a record of all transactions, the nature and value of which has been prescribed under the rules notified under the Prevention of Money Laundering Act.
DNFINDER (hereinafter referred to as ‘DSL’ or ‘the Company’), hereby adopts and bring into effect this Anti Money Laundering Policy & Procedures (AML Policy & Procedures) in accordance with the global provisions made to prevent money laundering, and the rules made under IMF including the Guidelines and Circulars issued from time to time on this subject. This policy applies not only to money laundering, but also to terrorist financing. All references to money-laundering in this policy, company policies and procedures and standards include terrorist financing as appropriate.
Financial Action Task Force (FATF) laid the international standard for the fight against money laundering and the financing of terrorism. FATF is a 33-member organization with primary responsibility for developing a world-wide standard for anti-money laundering and combating the financing of terrorism.
The global policies laid out in AML referendums worldwide shall be complied with by the The Company at all times in letter and spirit. The provisions of all relevant laws, rules, regulations, guidelines and circulars issued by regulatory authorities in relation to anti-money laundering are met by the Company’s policies & procedures.
In order, to ensure that DNFINDER’s services are not utilized by unwanted and illegal elements to further their illegal motives, DNFINDER intends to follow a holistic Due Diligence Policy which entails the following:
- National/International Drivers License
- Passport (Front and Last page)
- Local voters ID Card (Front and Back)
- Bank Statement from all recognized banks
- Certificate of incorporation and Memorandum & Articles of Association
- Resolution of the Board of Directors to open an account and identification of those who have authority to operate the account
- Power of Attorney granted to its managers, officers or employees to transact business on its behalf
- PAN number
- Copy of the telephone bill
- Registration certificate, if registered;
- Partnership deed
- Power of Attorney granted to a partner or an employee of the firm to transact business on its behalf
- Any officially valid document identifying the partners and the persons holding the Power of Attorney and their addresses
- Telephone bill in the name of firm/partners
- Certificate of registration, if registered
- Power of Attorney granted to transact business on its behalf
- Any officially valid document to identify the trustees, settlers, beneficiaries and those holding Power of Attorney, founders/managers/ directors and their addresses
- Resolution of the managing body of the foundation/association
- Telephone bill
- Registration certificate (in the case of a registered concern)
- Certificate/licence issued by the Municipal authorities under Shop & Establishment Act
- Sales and income tax returns
- Goods and Services Tax certificate
- Certificate/registration document issued by Sales Tax/Service Tax/Professional Tax authorities
- Licenses issued by the local registering authority. For example: Certificate of Practice issued by Institute of Chartered Accountants of India.
- Local/International Driver’s License
- International Passport
- Local voter’s Identity Card
- Utility Bills (Landline, Electricity, Gas) not older than 3 months.
- Lease Agreement or Leave and License Agreement shall be accepted only as a proof of temporary residence if provided along with any of the above documents in this sub-clause as proof of permanent address.
- Authenticity Check: Dnfinder has no mandatory policy of meeting the clients individually. However, Dnfinder will be enabling customers to submit their documents in person during meet-ups and/or workshops held across the globe which would allow for another level of direct KYC verification.
- One to One Interaction: Dnfinder may, and shall be under no obligation to, check that the documents provided by the customers as proof of identity and proof of address are authentic by cross checking them against freely available public databases.
- Please upload clear scanned copies only. Scanned images should be in color and in high resolution (at least 300 dpi) however the file size should not be greater than 15 MB. Acceptable formats for the scanned copies are JPG, GIF, PNG, TIFF or PDF.
- All documents should be valid on the date of submission and should not have expired.
- In case address proof submitted is not in the name of applicant then an additional document supporting the relationship with the addressee should be submitted by email such as marriage certificate, gazette copy of name change or passport, visa etc. stating name of spouse/ guardian & their relationship.
- Fraud: any act or omission, including a misrepresentation that knowingly or recklessly misleads, or attempts to mislead, a party to obtain a financial or other benefit or to avoid an obligation.
- Corruption: offering, giving, receiving, or soliciting, directly or indirectly, anything of value to influence improperly the action of another party.
- Collusion: arrangement between two or more parties designed to achieve an improper purpose, including influencing improperly the actions of another party.
- Terrorist financing: provision or collection of funds, by any means, directly or indirectly, with the intention that they should be used or in the knowledge that they are to be used, in full or in part, in order to carry out any of the offences within the meaning of
- Criminal conduct: conduct, which constitutes an offence in any part of the world or would constitute an offence in any part of the world if it occurred there.
Money laundering: Money laundering is essentially the process of
engaging in such financial transactions that are designed to conceal
the true origin of criminally derived proceeds for the purpose of ensuring
that such proceeds appear to have been received through legitimate sources/origins.
What is considered money laundering?
“Whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or is actually involved in any process or activity connected with the proceeds of crime including its concealment, possession, acquisition or use and projecting or claiming it as untainted property shall be guilty of offence of money-laundering.”