Purpose: The purpose of this policy is to prevent and detect money laundering and terrorist financing activities, and to comply with all applicable AML and countering the financing of terrorism (CFT) laws and regulations.
Scope: This policy applies to all employees and business activities of the organization.
Customer Due Diligence (CDD):
Customer Identification: We will verify the identity of all customers before onboarding them onto our platform. This may include collecting and verifying personal information such as full name, date of birth, address, and government-issued identification.
Risk Assessment: We will assess the risk of each customer based on factors such as their country of origin, source of funds, and intended use of our platform.
Enhanced Due Diligence (EDD): For high-risk customers, we will perform EDD procedures to gather additional information and further mitigate risk.
Suspicious Activity Reporting: We will have a reporting mechanism in place for employees to report any suspicious activity they observe to the designated AML Compliance Officer.
Record Keeping: We will maintain records of all customer information and verification procedures for at least five years.
AML Training: All employees will receive regular training on AML best practices, laws and regulations, and the company's AML policy.
Independent Review: An independent review will be conducted periodically to assess the effectiveness of the company's AML program.
Review and Update: This policy will be reviewed and updated regularly to ensure it remains compliant with changing laws and regulations.
Updated on: 03/02/2023