AML & KYC Policy

Prime Currency Exchange KYC Policy

Know Your Customer helps the business today to reduce the risk of Money Laundering and helps to monitor Anti Money Laundering Activities.

What is KYC?

KYC policy in a lay man’s language is related to obtaining and using information about a customer / I.D varification in order to reduce the risk of money laundering.

Measures taken by Prime Currency Exchange Ltd for Customer I.D Verifications

Prime Currency Exchange Ltd performs 2 types of Verification procedures

·    Verify Customer by 1st ID (includes Photo ID confirming Customer’s Name, Date of Birth, Status, and Nationality).

·    Verify Customer by 2nd Proof of Address (Which would confirm us the customer’s address details).

iii.    List of Documents which Can be used as 1st ID:-

· In case of a Pakistani passport we require a valid passport and visa.

· Valid British passport or EU passport.

· DVLA (Valid U.K. Full Driving License).

· Valid EU national identity card.

· Valid armed forces card.

iv. List of Documents which Can be used for Proof of Address:-

· Photo student card.

· Provisional U.K. driving license.

· NHS medical card.

· HMRC tax notification.

· National insurance card along with pay slips.

· Council tax bill.

· Home insurance policy certificate.

· Credit card statement (not more than 3 months old).

· Bank statement (not more than 3 months old).

· Utility bill (gas, water, electricity) (not more than 3 months old).

· T.V. license.

We have maintained high standards of business compliance since the start of our operation. We have designed and developed effective processes and procedures of internal control and communication which helps us in forestalling and preventing money laundering, such as trainning of staff, use of standard identification procedures, record keeping of business transaction, and strong and reliable internal reporting structure etc. (The detailed KYC and AML policy material is availabe on request)

Most Importanly ongoing staff training and development is crucial to improve business performance and meet business targets therefore, we have always believed and invested in staff training & development. PCE staff has attended numerous training sessions, seminars, short courses and studied many educational material provided by the below mentioned institutions and the basic idea is to keep our business update with the regulations. Indeed, guidence from these governing bodies has helped our staff in enhancing the professional knowledge & understanding about the home remittance business.

Guidence Bodies

ACAMS (Association of Certified Anti Money Laundering Specialists) (U.S.A)
ICA (International Compliance Association) Regulated by FSA
FSA
SOCA
HMRC
UKMTA