1. Purpose This policy outlines the procedures and principles to ensure compliance with relevant regulations, particularly regarding customer due diligence (CDD) and Anti-Money laundering (AML) requirements.
2. Scope This policy applies to all employees, contractors, and representatives involved in customer screening, due diligence, and transaction approval processes.
3. Customer Screening We manually screen our customers to ensure compliance with regulatory requirements and to mitigate risks associated with money laundering, terrorism financing, and other illicit activities. As part of the screening process, we collect essential information such as:
- Customer Name, Email address
- Phone number
4. Customer Due Diligence (CDD) CDD is conducted on specific customers to assess the risk associated with their activities and transactions. This process involves:
- Verifying the customer’s identity using reliable, independent documentation.
- Assessing the purpose and intended nature of the business relationship.
- Conducting enhanced due diligence for higher-risk customers, if applicable.
5. High-Risk Customers We do not engage in transactions or establish relationships with customers classified as high risk under the Financial Action Task Force (FATF) guidelines. High-risk customers include, but are not limited to:
- Individuals or entities listed on FATF’s high-risk and non-cooperative jurisdictions.
- Customers with unclear or suspicious backgrounds.
- Entities with links to terrorism financing or other illicit activities.
6. Monitoring and Review All customer data and transactions are periodically reviewed to ensure ongoing compliance. If a customer’s risk profile changes, appropriate measures will be taken, including enhanced due diligence or termination of the business relationship.
7. Record-Keeping Records of customer information, due diligence processes, and transaction histories will be maintained securely for the period required by applicable regulations.
8. Non-Compliance Any non-compliance with this policy will be subject to investigation and may result in disciplinary action, including termination of employment or contract.
9. Policy Review This policy will be reviewed annually or as needed to ensure it remains up to date with regulatory changes and organizational requirements.
Approval and Effective Date This policy is approved by Authorized Persons in the company and is effective as of 01ST June 2023.