Compliance and Risk Management
KYC & AML Policy
Money laundering and terrorism financing pose significant risks to financial institutions. At Altum Credo, we adhere to the Prevention of Money Laundering Act (PMLA) and guidelines issued by regulators like RBI, SEBI, and NHB to prevent misuse of financial systems.
Key Objectives
- Ensure customer identification and acceptance through reliable documentation.
- Maintain compliance with PMLA and related regulations.
- Safeguard company reputation and uphold ethical standards.
- Assist law enforcement in combating financial crimes.
Risk Management Framework: To mitigate operational, legal, and compliance risks, we:
- Monitor transactions exceeding regulatory thresholds.
- Report suspicious activities to the Financial Intelligence Unit (FIU-IND).
- Maintain transaction and customer records for five years.
- Appoint designated compliance officers to oversee adherence to policies.
Customer Classification:
- Low Risk: Salaried individuals, government employees, and low-turnover accounts.
- Medium Risk: Private companies, partnerships, and LLPs.
- High Risk: Non-residents, high-net-worth individuals, and politically exposed persons (PEPs).