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KYC

KYC refers to “knowing your customer.” Lately, it has become increasingly significant to understand customers and their rights globally, especially among various financial institutions, including banks, to prevent money laundering, identity theft, terrorist activities, information breaches, and financial fraud.

At Capixtrade, we have a zero-tolerance policy for any type of fraud, and we take all measures that we can to prevent and control it. We ensure to document any fraudulent activity and close down all accounts with us related to that activity in any way. And confiscate all the funds in any form in those accounts.

Maximum Security and Prevention

Capixtrade ensures your sensitive and private data’s security and integrity, including your personal and account information, transactions that you do through your account, and others. We use a range of advanced security measures, fraud prevention tools, and control processes. To secure your accounts and electronic transactions, we need some personal information and data from you, including your preferred fund deposit method.

Definition of customer for our KYC policy

We define a customer for our KYC policy as an individual or an entity that holds an account or accounts and/or does business with Capixtrade, on whose behalf we maintain the account on our site. Transaction beneficiaries conduct transactions per law, such as professional intermediaries and any individual or entity linked with the financial transactions through our site. There are eight key components to our KYC policy:

  • Procedures that we adopt to identify customers
  • Transactions check and monitoring
  • Training programme
  • Management of risks
  • Record keeping
  • Internal control system
  • KYC policy guidelines are evaluated through the internal inspection and audit system
  • Responsibilities, duties, and accountability

Capixtrade has developed an effective KYC programme that establishes proper procedures, and we ensure their robust implementation. Our policy covers controls, systems, management oversights, training, division of duties, and other matters related to them. We explicitly allocate the responsibility for the implementation of policies and procedures within our company to ensure their proper and timely execution. We have an internal audit system in place that guarantees compliance with the KYC policy procedures.

Proposed KYC Procedures Manual for Capixtrade

Following is the proposed KYC procedures manual for Capixtrade:

Identity

Individual attributes like the name of the customer, birth date, residential address, email, phone number, etc. compose the identity of an individual. This information helps identify a legal and natural person. You need to verify your identity through various means, such as an ID card, passport number, or driver’s licence, as evidence that you’re not a fake and real individual opening an account or doing business with Capixtrade.
We need verification of the identities of the following individuals:

  • Client: You need to provide enough evidence to demonstrate that you are the same individual you claim to be.
  • The individual who acts on behalf of another individual (like a power of attorney given to someone else for account management): In such a case, both parties need to provide evidence and demonstrate their identities.
  • The client and the person who acts on behalf of the client should provide verified documents for identification purposes. You need to verify all the following information along with identification documents as evidence:
  • The account holder’s name is the owner and registered nominee of the investment.
  • Any primary beneficiary fund owner (25% and above) who invests funds but does not actually hold the account or is a named investor
  • The primary account operator or controller(s)
  • Any intermediary parties involved
  • All the parties that are involved in the account management, directly or indirectly,
  • If there is more than one account holder for a single account, then all individuals should provide identification evidence.

Suppose any of the people mentioned above fail to provide considerable and satisfactory evidence of their identities within a reasonable timeframe. In that case, we hold the right to immediately suspend their account(s) that we suspect are involved in any way with money laundering.

Procedures for Identification that We Follow

At Capixtrade, we try our best to ensure that our customer is a genuine individual or company (corporate, natural, or legal entity). We do this by gathering enough evidence from the stakeholders. Capixtrade’s responsibility is to confirm the applicant’s identity and obtain satisfactory proof of identification from the customers and others involved. The purpose behind all this effort is to ensure that we are dealing with a natural person who has a real name and lives at the provided address to prevent any fraudulent activities and money laundering.

Foreign Clients

Foreign clients or customers who cannot present themselves for physical verification at our headquarters or local office need to provide us with their international passport or their national ID card verified copies.

Private Individuals

The private individuals who are local residents should provide us with their complete name, address with postcode, and contact number. You should confirm the information that you provide with some solid evidence, like utility bills. If the person recently moved from his previous address to a new one, he must validate his last address.

Documents that We Can Use for Verification

We may use a few or all of the following documents to verify the identity of a person or entity:

  • National ID card
  • Current passport
  • Immigration authorities permit
  • Your existing driving licence
  • Tax clearance certificate
  • Birth certificate
  • Utility bills
  • Electrical registrar confirmation that this individual resides at a particular address given to us

If the customer fails to provide this information or does not satisfy us due to a lack of sufficient information, we may verify it by accessing electronic data sources.