• Money Laundering
• K Y C Policy
• Terms & Conditions

One of the main Anti-Money Laundering strategies is the Know Your Customer Policy (KYC)

KYC Policy

"Know Your Customer" (KYC) is a set of guidelines designed for proper identification of an account holder or customer for the scrutiny or monitoring of large value cash transactions. It aims to prevent financial institutions from being used intentionally or unintentionally by criminal elements for committing financial frauds or for the transferring or depositing of funds derived from criminal activity.

The adoption of ''know your customer'' policy or procedures by Islamabad Traders (U.K) Ltd has proven extremely effective in detecting suspicious activity in a timely manner.

KYC Approach

Islamabad Traders (U.K) Ltd KYC policy is at the heart of the anti-money laundering measures adopted by the company. The Company strictly follows all the due diligence policies and procedures of Her Majesty’s Revenue and Customs(HMRC) to identify the principal before the transaction actually takes place.The three main areas of the policy are aimed at are:

Ensuring that reasonable measures are taken to obtain information about the true identity of the persons on whose behalf a transaction is made.
There are record keeping procedures that are followed – all necessary records on transactions, both domestic or international are created and maintained for a specific period of time.

Special attention is given to all complex, unusual large transactions.
Contents of KYC The policy framework of Islamabad Traders (U.K) 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 the true identification of each customer seeking to conduct a transaction.

Be aware of any unusual transaction activity in order to prevent the creation of fictitious accounts.
 

Implement all regulatory and internal procedures properly
 

We try to focus on the following key areas in maintaining the KYC policy:
Islamabad Traders (U.K) Ltd will focus on correctly profiling the customer in the Remittance application forms by obtaining and recording the following evidence of identification:

Name of the Customer by photographic evidence:
Driving Licence
Passport
Government issued identity card
Permanent Address:
Utility bills such as: Water rates, telephone, gas, electricity or Council Tax bills.
Communications from Government departments such as: Letters from the Inland Revenue, the DSS, Department of Works & Pensions showing name and address. (any evidence for address must be less than 3 months old)
 

In the case of larger transactions further evidence of permanent address and evidence of income is required.
 

Record Retention

Our existing policy includes procedures for creating and maintaining a record of information that includes all the identification
evidence for a customer.