- Introduction The purpose of the Policy is to lay down the Company’s internal practice, measures, procedures and controls relevant to the prevention of Money Laundering and Terrorist Financing.
- Definitions Beneficial Owner” means the natural person or natural persons, who ultimately owns or control the Client and/or the natural person on whose behalf a transaction or activity is being conducted. The Beneficial Owner shall at least include: (a) In the case of corporate entities: i. The natural person or natural persons, who ultimately own or control a legal entity through direct or indirect ownership or control of a sufficient percentage of the shares or voting rights or ownership interest in that entity, including through bearer shareholdings, or through control via other means, other than a company listed on a regulated market that is subject to disclosure requirements consistent with Union law or subject to equivalent international standards which ensure adequate transparency of ownership information.
- shareholding of 10 % plus one share or an ownership interest of more than 10 % in the customer held by a natural person or by multiple corporate entities, which are under the control of the same natural person, shall be an indication of direct ownership. ii. If, after having exhausted all possible means and provided there are no grounds for suspicion, no person under point (i) is identified, or if there is any doubt that the person identified are the beneficial owner, the natural person who hold the position of senior managing official, the obliged entities shall keep records of the actions taken in order to identify the beneficial ownership under point (i) and this point;
- In the case of trusts or in the case of legal entities such as foundations, and legal arrangements similar to trusts: i. The settlor; ii. The trustee(s); iii. The protector, if any; v. The beneficiaries, or where the individuals benefiting from the legal arrangement or entity have yet to be determined, the class of persons in whose main interest the legal arrangement or entity is set up or operates; v. Any other natural person exercising ultimate control over the trust by means of direct or indirect ownership or by other means; “Law” means the Prevention and Suppression of Money Laundering Activities Law; Law N. 188(I)/2007 “Money Laundering and Terrorist Financing” means the money laundering offences defined in Section 3,4 and 5 of the Law and “Occasional Transaction” means any transaction other than a transaction carried out in the course of an established Business Relationship formed by a person acting in the course of financial or other business. under ‘other activities’ par.2 of law “Politically Exposed Persons (PEPs)” means the natural persons who have their place of residence in any European Union Member State or in third counties and who are or have been entrusted with prominent public functions and their immediate family members or persons known to be close associates of such persons.
- Main Objectives
- Combating and preventing money laundering and terrorist financing and taking all the necessary preventive measures.
- Preventing the misuse of the Company by anyone or anybody in illegitimate operations.
- Determining the legal and administrative responsibilities of the Company and of all its employees related to anti-money laundering.
- Reporting the suspicious operations which include the probable activities of the operations of money laundering and terrorist financing to the competent authorities.
- Training all employees on the rules and internal procedures which have to be observed, the risks that they and the Company face and how they can encounter the risks of money laundering and terrorist financing through their operations from their positions.
- Scope of Application: This policy is applied to all activities, services, products, work places of the company.
Company Commitment The Company is committed to:
- Accept only those Customers whose identity can be established and verified and whose source of funds can be reasonably established to be legitimate.
- Not establish a business relationship, open accounts or maintain accounts for anonymous persons or those with fictitious names including anonymous accounts.
- Make every possible effort to know the identity of the customer and the real beneficiary (Beneficiary Owner) of the account (i.e. the full name, the place and date of birth and verifying the identity by using valid, official and accredited documents “identification data” issued by the official bodies), in addition to the data and information available from trusted independent sources.
- Apply a risk-based approach, and enhanced customer due diligence where required.
- Monitor and identify suspicious transactions and activities, and ensure that reportable ones get reported.
- Provide periodic and appropriate AML / CTF training and information to all employees to increase their awareness using various methods.
- Maintain records, which are appropriate to the nature and complexity of the customer’s business.
- Client Acceptance Policy The Client Acceptance Policy (hereinafter the “CAP”), following the principles and guidelines described in the Company’s AML-CFT Manual, defines the criteria for accepting new Clients and defines the Client categorisation criteria which shall be followed by the Company and especially by the employees who shall be involved in the Client Account Opening process.
The MLCO shall be responsible for applying all the provisions of the CAP. In this respect, the Head of the Administration/Back Office Department shall also be assisting the MLCO with the implementation of the CAP, as applicable. The Internal Auditor shall review and evaluate the adequate implementation of the CAP and its relevant provisions, at least annually, as per Section 5 of the Manual. The General Principles of the CAP are the following:
- The Company shall classify Clients into various risk categories and based on the risk perception decide on the acceptance criteria for each category of Client
- Where the Client is a prospective Client, an account must be opened only after the relevant pre-account opening due diligence and identification measures and procedures have been conducted, according to the principles and procedures set in the Manual
- All documents and data described in the Manual must be collected before accepting a new Client
- No account shall be opened in anonymous or fictitious names(s)
- No account shall be opened unless the prospective Client is approved at least by one of the following:
- The General Manager
- The MLCO / Assistant MCLO
- The Operations Manager
- When establishing a Business Relationship
- When carrying out Occasional Transactions amounting to Euro 15,000 or more, whether the transaction is carried out in a single operation or in several operations, which appear to be linked
- When there is a suspicion of money laundering or terrorist financing, regardless of the amount of the transaction.
- When there are doubts about the veracity or adequacy of previously Client identification data.
- The Company’s employees shall be personally liable for failure to report information or suspicion, regarding money laundering or terrorist financing.
- The employees must cooperate and report, without delay, anything that comes to their attention in relation to transactions for which there is a slight suspicion that are related to money laundering or terrorist financing.
- According to the Law, the Company’s employees shall fulfil their legal obligation to report their suspicions regarding Money Laundering and Terrorist Financing.
For further information, please contact the Compliance Department at email@example.com