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Know Your Customer
Know Your Customer" (KYC) is a set of guidelines designed for proper identification of an account holder/ customer for scrutiny/ monitoring of large value cash transaction. It aims at preventing financial institutions from being used intentionally or unintentionally by criminal elements for committing financial frauds, transferring or deposits of funds derived from criminal activity.
KYC Policy
MJ Money Exchange Ltd. KYC policy is at the heart of anti-money laundering measures adopted by the company. The Company strictly follows all the due diligence policies and procedures of HMRC to identify the principal before the transaction actually takes place.
Contents of "Know Your Customer"
The policy framework of MJ Money Exchange Ltd. is intended to regulate the operations so as to ensure the flow of only legal money through the remittance channels. We aim to:
- Determine and make out the true identification of each customers seeking to conduct transaction
- Aware of any unusual transaction activity
- In order to prevent the creation of fictitious accounts, implementation of procedures properly
We try to focus on the following key areas in maintaining the KYC policy:
Customer Profile
MJ Money Exchange Ltd. focuses on correctly profiling the customer in the Remittance application forms covering the following
- Name of the Customer
- Date and place of birth
- Nationality
- Permanent Address
- Telephone Nos.
- Copies of Official Identification
- Purpose of transaction
- Passport No (if the customer is making a TT, DD or Traveller’s Cheques)
- Nature of Business (If funds being transferred for business purposes)
- Bank Account (If high volume transaction, where funds are transferred into the accounts of MJ Money Exchange Ltd.)
Record Retention
We do examine existing policy include procedures for making and maintaining a record of information that includes all required identifying information about a customer to verify identification.
Identification
The following are forms of identification typically acceptable:
- Passport
- Driver’s Licence
- Identification Card
- Utility bill with home address
- Birth Certificate
- College/ University Card
Large Principle Money Transfer Policy
A large money transfer refers to any transaction with a principle send amount of £7,000. This policy is designed to limit the potential exposure of all parties, to abuse of our services. The LPMT process also allows MJ Money Exchange Ltd. to monitor and document transaction activities and identify and prevent questionable transactions that may be associated with money laundering and other illegal activities.
Policy on LPMT Transactions
- LPMTs are not permitted for minors
- No changes are permitted to the transaction following the submission of the LPMT for approval
- Valid identification of the Sender must be provided
- Valid identification of the Receiver must be provided before Money Transfer can be paid
- Report refused or incomplete transactions as suspicious to the relevant authorities as required
- The MLRO will need to review and approve the transaction.
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