Our Services

DETAILS AND SCOPE OF OUR SPECIAL SERVICES :

1​. Verification of information -

a)​ We  collect the applicant's details relating to the residential Address, and/or Employer / Business Address or any other application detail for each applicant by way of written communication signed by an authorized signatory of  Banks / NBFC's either, or through Bank’s / NBFC’s authorised representative or through  Bank's / NBFC ‘s authorised email ID along with relevant scanned details.

b)​ On receipt of such communication we initiate and complete the residence/ office verification as per the procedure Including clicking photos of the concerned visits.

c)​ We exercise due diligence, care and caution and ensure proper and true verification and validation of information communicated by the Bank's / NBFC's to us.

d)​Any other material facts that we may gather or come across during the course of verification is also been disclosed to Bank's / NBFC's

e)​ On completion of Residence / Office Verification for each application, we  communicate such verification details to the Bank's / NBFC's or its authorized representative notified, in a format prescribed by the Bank's / NBFC's. The reports shall be signed by our authorised representative in a supervisor cadre.

f)​ We  put in our every efforts in making the Residence / Office Verification and if we face any difficulty or obstacles in Residence/ Office verification, the same shall be conveyed to the Bank's / NBFC's immediately, without fail.

2​. Submission & Retention of Reports -

a)​ We submit to the Bank's / NBFC's or its authorized representative notified, the completed and duly signed verification report on application within the agreed turnaround time. Delay if any is also communicated to the Bank's / NBFC's immediately.

b) We are also verifying the PAN Card, ITR Returns, Bank Statements of Applicants, Society / Builder NOC, as well from the competitive / respective authorities at very reasonable and competitive rates.

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WHY DUE DILIGENCE IS IMPORTANT

It is very well accepted  fact that engaging in a new business relationship is risky for businesses when we live in a world where many unethiacal things are happening like, various frauds, impersonation, money laundering and terrorism. In such situations naturally it is very difficult for banks to ascertain your claim , your credit standings , your outstanding obligations if any, your creditworthyness etc before they hand you over the money. Just to reduce their risks. In business terms, this process is more commonly known as ‘Customer Due Diligence’.

Apparently we, as individuals, also perform due diligence knowingly and unknowingly. From going out to a new restaurant, planning a holiday and even searching for jobs, we are on the lookout for maximum data to help us confirm the information. For businesses, there is a sophisticated process developed to verify your identity called Customer Due Diligence. In short, due diligence is an act of performing background checks on the customer to ensure that they are properly risk assessed before being on-boarded or before sanctioning and disbursement of loans. Customer Due Diligence enables an organization to evaluate the extent to which the customer exposes it to a range of risks to them.

When Should Banks and  Businesses Carry Out CDD?

Due diligence, as we know, is an audit of a potential investment or product to confirm all facts, that might include the review of financial records. Most companies research before entering into an agreement or a financial transaction with another party for the following reasons:

●Entering a new business deal: Companies must perform thorough due diligence prior to establishing a business relationship in order to ensure the customer matches their risk profile and isn’t using a false identity.

●In the case of Infrequent dealings: Certain transactions are not regular but still require implementing CDD measures. These might include dealings where an amount over a certain threshold is involved or when the entities are located in high-risk foreign nations.

●When suspecting money laundering: If a customer is suspected of money laundering or financing terrorism, companies must implement CDD checks.

●When the documentation is not reliable: When the identification documents that the customer has furnished are either unreliable or inadequate, companies should apply further CDD investigation.

Levels of Customer Due Diligence

Depending on the type and circumstances of a business dealing, there are two broad levels of customer due diligence among several others, viz:

1. Simplified Due Diligence:

This is the lowest level of due diligence that can be completed on a customer who does not always pose a high risk to the organization. The customers have less probability of being involved in money laundering or terrorist financing.

2. Enhanced Due Diligence

Enhanced Due Diligence or EDD is required when a customer is perceived to be at a higher risk to the company. A high-risk situation also occurs where there is an increased opportunity for money laundering or terrorist financing through the service or product you are providing. Examples of higher risk customers may include politically exposed people, customers with suspicion of terrorist activities, non-face to face account opening and customers located in high-risk locations.

If you are thinking of onboarding a new customer or want to acquire another small business or you simply want to add new suppliers to your business, AIMS ASSOCIATES can perform the right Customer Due Diligence for you.