Royal Exchange (Pvt) Ltd | Home :: (2024)

The company has appointed qualified and trained staff to give respect, best customer service, comfort and security to all its customers

• Dealings between Royal International Exchange Co. (Pvt) Ltd and its customers will be supported by official receipts. Such receipt shall be prepared for every transaction in duplicate, one of which will be provided to the customer and the other will be kept in record
• Every receipt provided to the customer will be sequentially numbered, carry date, nature of transaction i.e. sale / purchase / transfer, currency dealt, exchange rate and initials of dealer / authorized employee on printed stationery of the Royal International Exchange Co. (Pvt) Ltd.
• For foreign exchange transaction exceeding USD 500 (or equivalent in other currencies) the name address and CNIC / Passport number of the customer will also be obtained and mentioned on the receipts after due verification
• A notice, advising customer to obtain receipts will be prominently displayed
• Client verification procedures are strictly governed under the code of conduct policy of Royal International Exchange Co (Pvt) Limited

Specific customer information must be documented at different receive transaction amounts. At all transaction receive amounts, the customer receiving a money transfer must provide appropriate information and / or documentation to the Business’ satisfaction to demonstrate the right to receive the transaction. The receive customer’s information must be documented before the transaction is processed:

The following information must be taken and recorded prior to making any payment or providing any financial services to the customers.

• Name of the beneficiary
• Address
• Transaction amount
• Transaction date
• Pin Code
• CNIC Copy
• Signature on receiving

If the transaction is larger then US$ 500, the following documentation is absolutely essential as per State Bank of Pakistan rules and regulations.

• Full name of the sender
• Address and contact details of the sender
• Name of the beneficiary
• Transaction amount
• Address of the beneficiary
• PIN code
• CNIC copy
• Signature on receiving

What is Anti Money laundring

Money laundering is a wrong and criminal practice of processing undeclared and ill gotten gains, or dirty money through series of transactions to clean funds so that they are untraceable and appear to be proceeds from legal business activities.

It is the attempt to conceal or disguise the nature, location, source, ownership or control of illegally obtained money. If illegal money is successfully laundered, criminals maintain control over their illegally obtained funds and they can establish a separate cover for their illicit source of income.

The Anti Money Laundering laws apply to any funds derived from illegal activities, such as funds held by human smugglers, drug traffickers, terrorists, organized crime, tax evaders and other groups and individuals seeking to transfer, spend and / or invest money derived from any type of crime. The money laundering cycle begins when criminals place funds into the financial system by buying money orders or sending money transfers.

Once the funds have entered the system, the source of illegal funds is further disguised by transferring them through layers of financial institutions, such as bank or investment accounts. Finally, the funds are legitimized by purchasing items or investing in legitimate investments such as real estate, real property, or stocks and bonds. Money laundering is not limited to cash; money laundering can be done through any type of financial transaction, including, but not limited to, funds transfers, money orders, checks, debit cards, stored value and credit card transactions.

Any organization or person or any below mentioned act/s for the purpose of showing that the source of the property is lawful would have committed the offence of money laundering.

• Conducting a transaction with the proceeds of crime knowing or believing or having reason to know or believe, that such property is derived from criminal activity or from an act of participation in criminal activity
• The concealment or disguise of the nature, source, location, disposition, movement, rights with respect of, in or over, or ownership of the proceeds of crime, knowing or believing, or having reason to know or believe, that such proceeds of crime are derived from criminal activity or from an act of participation in criminal activity
• The acquisition or receipt or transfer of the proceeds of crime, knowing or believing, or having reason to know or believe, that the same was derived from criminal activity or from an act of participation in criminal activity
• The retention or possession of the proceeds of crime knowing or believing, or having reason to know or believe, that the same was derived from criminal activity or from an act of participation in criminal activity

Any of the following acts will be deemed to be an act of participation in the offence of money laundering.

• Destruction, misappropriation, concealment or forgery or any document which could be used as evidence in the offence or against the accused
• Knowledge of the intent of any person who commits the offence and provision of any facilities or information which may assist such person to conceal the offence or escape from persecution

Any organization or person or any below mentioned act/s for the purpose of showing that the source of the property is lawful would have committed the offence of money laundering.

• Conducting a transaction with the proceeds of crime knowing or believing or having reason to know or believe, that such property is derived from criminal activity or from an act of participation in criminal activity
• The concealment or disguise of the nature, source, location, disposition, movement, rights with respect of, in or over, or ownership of the proceeds of crime, knowing or believing, or having reason to know or believe, that such proceeds of crime are derived from criminal activity or from an act of participation in criminal activity
• The acquisition or receipt or transfer of the proceeds of crime, knowing or believing, or having reason to know or believe, that the same was derived from criminal activity or from an act of participation in criminal activity
• The retention or possession of the proceeds of crime knowing or believing, or having reason to know or believe, that the same was derived from criminal activity or from an act of participation in criminal activity

Any of the following acts will be deemed to be an act of participation in the offence of money laundering.

• Destruction, misappropriation, concealment or forgery or any document which could be used as evidence in the offence or against the accused
• Knowledge of the intent of any person who commits the offence and provision of any facilities or information which may assist such person to conceal the offence or escape from persecution

One of the most effective ways to protect a money transfer business from becoming the victim of financial crimes starts with verifying the identity of the customers and knowing with whom transactions are conducted. To avoid processing transactions that could put the exchange company at risk, the company will implement a ‘Know Your Customer” policy that includes, but is not limited to:

• Only accepting valid, government issued photo ID documents, such as CNIC, passport or alien identification card that contains the customer’s name, address and photograph
• Requesting and documenting required customer information before processing transactions
• Monitoring customer transaction activity

It is responsibility of the FDAs / counter staff directly dealing with the customer to ensure their customer’s identity and perform the required due diligence. This must be carried out for all customers irrespective of the amount of the transaction. As per State Bank of Pakistan regulations it is necessary to verify the identity of the customer for all transactions over US$ 500.

Prior to conducting any money transfer transaction, the payout location will verify that customer completes all appropriate and necessary sections and signs the “Receive Form”. If the payout location does not use “Receive Forms”, the FDA / payout location will ensure the customer signs the receive transaction receipt.

The FDA / employee processing the transaction will correctly input all information provided by the customer into the money transfer system. The payout location may require a customer to provide personally identifying information before completing any transaction depending on the type, amount or circ*mstances surrounding the transaction.