KYC / AML Policy
Prime Forex\u2019s Know Your Customer and Anti-Money Laundering framework, in accordance with RBI guidelines, PMLA 2002, and FEMA 1999.
Our Commitment
Prime Forex is committed to full compliance with the Prevention of Money Laundering Act, 2002 (PMLA) and the Foreign Exchange Management Act, 1999 (FEMA). As an RBI Authorized Full-Fledged Money Changer (FFMC), we maintain robust Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to prevent the misuse of our services.
Customer Identification (KYC)
All customers are required to present valid government-issued photo identification before any forex transaction. Acceptable documents include Passport, Aadhaar Card, PAN Card, Voter ID, and Driving Licence. For transactions above prescribed thresholds, additional documentation including PAN and purpose declaration may be required as per RBI guidelines.
Transaction Monitoring
We monitor all transactions for unusual patterns or activity that may indicate money laundering or terrorist financing. Transactions that appear suspicious are reported to the Financial Intelligence Unit – India (FIU-IND) as required under PMLA. We maintain records of all transactions for a minimum of five years.
Prohibited Transactions
Prime Forex does not facilitate transactions that are suspected to be connected with money laundering, terrorist financing, or any other illegal activity. We reserve the right to refuse any transaction that does not meet our compliance standards or where satisfactory KYC documentation cannot be provided.
Record Keeping
In accordance with PMLA and RBI directives, Prime Forex maintains complete records of all customer identification documents and transaction details. These records are retained for a minimum period of five years from the date of the transaction or the cessation of the business relationship, whichever is later.
Data Privacy
Customer information collected for KYC purposes is used solely for compliance and regulatory reporting. We do not share customer data with third parties except as required by law or regulatory mandate. All data is stored securely in accordance with applicable data protection regulations.
This policy is effective as of January 2024 and is reviewed annually. For queries, contact [email protected].