AML Policy - Money Transfer

1. Identification of the customer


Before effecting a transaction, the staff should confirm the identity and address of the customer with the help of any valid photo identity card / document that helps in such identification.

The customer should produce the required/needed documents in original and staff holds the responsibility in ensuring its genuineness.

Inspection of all documents should be done with microscopic precision. The photo, name, signature, expiry date, etc. given in all the documents and papers should be double checked.

At customer’s each visit, the staff is liable to ask for the original identity of the customer and counter check the same with the information available in the customer database. This process should be made as smooth as possible to ensure no inconvenience to the customer.

The customer, the concerned staff and the cashier are required to sign (Full Signature) the application to execute any transaction. "No Signature No Transaction" shall be the thumb rule.

2. Registring your customer


Muthoot Forex Ltd insists on a valid identification from its customers to avail Money Transfer payments and to enable seamless experience for them in future.

Regular customers are registered and identified with a Customer Reference Card having a Unique Number.

All transactions with the registered customers will be linked to the "Unique Customer Number". The History of the transactions done by any customer can be accessed at any point of time for scrutiny.

3. Transaction form filling


Individual customers shall fill out a prescribed “Receive Now” form

For one-time customers, copy of a valid ID is compulsory to avail the service.

For regular customers, Customer Reference Card is mandatory.

Modifications or additions in the Receive Now form shall be done at the respective branches by a specially designated person following prudent procedures and in accordance with all guidelines.

The formatted documents shall be signed (Full Signature) by the customer in the presence of the designated officer of Muthoot Forex Ltd.

4. Large value transactions


Every customer has to declare basic details such as Purpose of Remittance and details of the Sender, irrespective of the fact whether they are pre-registered or not.

Maximum amount allowed under a single transfer is USD 2500/-.

The maximum number of transactions an individual can receive in a calendar year is presently fixed at thirty per principal.

The purpose of remittance has to be for domestic use / family maintenance. Remittances for other purposes like trade or commercial, charitable trust, donation etc. are not allowed.

The branches shall ensure to take a declaration from the beneficiary/beneficiaries, confirming the above purpose and number of transaction.

The maximum amount a beneficiary can collect in cash in a single day is Rs. 50,000/-. More than one transaction shall not be paid to a single beneficiary in cash in a day. Any payment above Rs. 50,000/- shall be affected by A/C payee cheque for the whole amount.

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