GSX SOLUTIONS PRIVATE LIMITED (AML & CFT) POLICY
ANTI-MONEY LAUNDERING & COMBATING FINANCING OF TERRORISM STATEMENT OF GSX SOLUTIONS PRIVATE LIMITED [A PERSON CARRYING ON DESIGNATED BUSINESS OR PROFESSION UNDER THE PREVENTION OF MONEY-LAUNDERING ACT, 2002]
VERSION: 18062024.001
Last Updated: June 18th 2024
GSX Solutions Private Limited in India is a platform for the trade of a crypto asset (virtual digital asset) and a reporting entity registered with the Financial Intelligence Unit - India (FIU-IND) gives special attention to measures regarding Anti-Money Laundering and Countering Financing of Terrorism. GSX Solutions Private Limited has set a comprehensive AML & CFT policy and procedures, which has been approved by its Board of Directors and implemented. These policy and procedures comply with the Prevention of Money Laundering Act (PMLA) 2002, Prevention of Money Laundering (Maintenance of Records) Rules, 2005 and the relevant guidelines issued by the FIU-IND in this regard.
This policy statement is a brief description of general principles to which GSX Solutions Private Limited adheres to, as follows:
1. Comply with all applicable anti-money laundering and countering the financing of terrorism laws and regulations as prevalent in India.
2. Maintain a written AML and CFT policy and procedures and apply it to all business units.
3. Conduct proper KYC for clients, and their beneficial owners where appropriate, and obtain information as regards to their profile and financial status through client due diligence.
4. Not conduct business with dubious clients and ensure that no accounts are opened in anonymous manner.
5. Conduct transaction monitoring and analysis of alerts raised based on the Red Flag Indicators issued by FIU.
6. Conduct Enhanced due diligence for high-risk customers and Counterparty Due Diligence where certain categories of counterparties are involved.
7. Conduct additional due diligence on intermediaries who register as Brokers on the Exchange platform.
8. Retain all the customer related documents for a period specified in the guidelines.
9. Establish an efficient reporting mechanism to prevent money laundering, terrorist financing and proliferation financing under all applicable domestic laws.
10. Cooperate fully with law enforcement and regulatory agencies to the extent that it can do so under all applicable laws.
11. Undertake adequate screening procedures while hiring staff and train them on AML & CFT policies, new AML & CFT laws and regulations including on client on boarding, KYC, client due diligence, sanctions screening, customer identification, record-keeping and transaction processing and review.
12. Compliance with GSX Solutions Private Limited‘s AML & CFT policies monitored through a combination of internal audit, external audit and regulatory reviews of compliance with relevant anti-money laundering legislation and/or regulations.
For queries about our AML - KYC policy, contact us via legal@gsxsolutions.com