Anti-Money Laundering (AML) and Know Your Customer (KYC) Policy
1. Purpose
To establish a robust framework aimed at preventing, identifying, and combating money laundering and terrorism financing activities within our organization. This policy is designed to ensure compliance with applicable international and local regulatory requirements.
2. Customer Identification and Verification
All customers must undergo a stringent verification process, providing reliable, independent source documents, data, or information (e.g., national ID, passport). Ongoing due diligence will be conducted to keep customer information up-to-date.
3. Compliance Officer
A dedicated Compliance Officer will be appointed, responsible for implementing and enforcing AML/KYC policies, conducting regular audits, and serving as the primary contact for regulatory bodies.
4. Risk Assessment
The organization will perform regular risk assessments to understand the potential exposure to money laundering and terrorism financing risks and apply measures to mitigate these risks effectively.
5. Monitoring and Reporting
Continuous monitoring of customer transactions will be conducted to identify suspicious activities. Any potentially illicit activity will be reported to the relevant authorities as per legal obligations.
6. Record Keeping
All records related to financial transactions and customer identification will be maintained for a minimum period as required by law, ensuring the availability of records for investigation purposes.
7. Training
Employees will receive regular training on AML/KYC policies, procedures, and regulatory developments to ensure high levels of awareness and compliance across the organization.
8. Review and Update
This policy will be reviewed and updated regularly to reflect changes in legislation, regulatory requirements, and operational practices, ensuring ongoing compliance and effectiveness.