Introduction
Bluebucks Tech IT Solutions Pvt. Ltd. (the parent company of You Ramp Money) is committed to complying with all applicable Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations to prevent illegal activities such as money laundering, terrorist financing, and other financial crimes.
Know Your Customer (KYC) Policy
We implement a thorough KYC process to verify the identity of our customers. This process includes:
Customer Identification
- Customers are required to provide valid identification documents, including government-issued ID, passport, or driver's license.
- Proof of address is also required, such as a utility bill or bank statement.
Customer Verification
- We verify the authenticity of identification documents through reliable and independent sources.
- Enhanced verification processes are implemented for high-risk customers.
Ongoing Monitoring
- Customer information is regularly updated and monitored for any suspicious activity.
- Transactions are reviewed to ensure they are consistent with the customer’s profile and expected behavior.
Anti-Money Laundering (AML) Policy
Our AML policy is designed to detect and prevent money laundering and terrorist financing activities. Key components include:
Risk Assessment
- Conduct regular risk assessments to identify and mitigate potential AML risks.
- Classify customers into risk categories based on their profiles and transaction behavior.
Transaction Monitoring
- Implement systems to monitor and analyze customer transactions for unusual or suspicious activity.
- Transactions above a certain threshold are flagged and investigated further.
Suspicious Activity Reporting
- Report any suspicious activities to the relevant authorities in accordance with regulatory requirements.
- Maintain records of all suspicious activity reports (SARs) and provide them to authorities upon request.
Record Keeping
- Maintain comprehensive records of customer identification, transaction history, and AML investigations for a minimum period as required by law.
- Ensure all records are readily accessible for compliance reviews and audits.
Employee Training
- Regular training programs for employees to stay updated on AML and KYC regulations and to recognize suspicious activities.
- Ensure employees are aware of the procedures for reporting suspicious activities.
Compliance Officer
- Appoint a dedicated AML Compliance Officer responsible for overseeing the implementation and effectiveness of our AML and KYC policies.
- The Compliance Officer ensures that the company adheres to all relevant legal and regulatory requirements.
Customer Cooperation
- Customers are required to cooperate fully with our KYC and AML procedures.
- Failure to provide required information or documentation may result in account suspension or termination.
Therefore Bluebucks Tech IT Solutions Pvt. Ltd. is dedicated to maintaining the highest standards of AML and KYC compliance. By adhering to these regulations, we aim to create a secure and transparent environment for all our customers and stakeholders.
For any questions or further information regarding our AML and KYC policies, please contact our compliance team.