KYC & PMLA Policy

(Issued by SURYA-SHAKTI VYAPAAR PRIVATE LIMITED)

Know Your Customer (KYC) Guidelines

In compliance with RBI regulations, ClapCredit follows a strict KYC process to verify the identity and address of every customer before loan disbursal.

a. Information Collection & Verification

• We may request customer identity proof, address proof, and photographs through our secure application or partner platforms.
• We may collect and verify certain device-level details (with explicit consent) for fraud prevention and onboarding.
• Location access may be requested to confirm the customer' current address.
• Camera and microphone access may be required to complete Video KYC, where a two-way interaction with an authorized KYC officer is recorded.
• Credit history and PAN verification may be conducted through authorized credit bureaus (e.g., NSDL, CIBIL, Experian) after obtaining customer consent.

b. Data Privacy

• We do not collect or store any biometric data.
• Sensitive personal information is handled in accordance with the Information Technology Act, 2000 and other applicable laws.
• Data is used strictly for loan processing, underwriting, and compliance purposes.

Prevention of Money Laundering Act (PMLA) Compliance

SURYA-SHAKTI VYAPAAR PRIVATE LIMITED is committed to full compliance with the Prevention of Money Laundering Act, 2002 and the rules prescribed thereunder.

a. Due Diligence & Monitoring

• Customer identification and verification is mandatory before any transaction is processed.
• All transactions are monitored for unusual patterns or suspicious activity.
• High-value or suspicious transactions are subject to enhanced due diligence.

b. Reporting Obligations

• Any suspicious transactions, as defined under PMLA, will be reported to the Financial Intelligence Unit – India (FIU-IND).
• Customer accounts involved in prohibited or illegal activities may be frozen or closed as per regulatory guidelines.

c. Record Keeping

• KYC documents and transaction records will be retained for the period mandated by RBI/PMLA guidelines.