Know Your Customer (KYC) policy has been promulgated as the basic tool to fight/prevent the money laundering activities through IME. Basically, KYC enables the company employees to know about the customer in detail including their identity, address, legal status, their source (s) of income and likely transactions to be carried out using our company.

This will further enable to identify/recognize the suspicious transactions, if any, carried out so that the money laundering activities could be prevented.

Primarily, AMLCO or other designated staffs are responsible for obtaining sufficient information on the reputation of the client (remitter and beneficiary); legitimacy of his/her source (s) of income is expected.

IME shall not provide its services to anyone who refuses to provide the requested information.

The purpose of KYC policy is to establish the identity of the prospective customer and to verify the source of funds which will supplement to achieve the objective of Anti-Money Laundering Policy.

In other words, KYC is the basic supplementary policy for the Anti Money Laundering Policy wherein the guidelines, procedures and formats for identifying the illicit or illegitimate transactions are set which will enable to prevent the money laundering activities.