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AML Manual for Payment Institution

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AML Manual for Payment Institution GCC Exchange UK Limited AML Manual for Payment Institution AML Policy 2018-19 Ver. 1.5 ANTI MONEY LAUNDERING POLICY VERSION CONTROL Date Version Author 2012-13 1.1 ABM Ashabul 2013-14 1.2 (updated) ABM Ashabul 2015-16 1.3 (updated) ABM Ashabul Nov 17 1.4 (updated) Andrew Smith Oct 18 1.5 (Revised) Andrew Smith 1 Table of Contents 1. INTRODUCTION........................................................................................................................................................................... 3 2. MONEY LAUNDERING............................................................................................................................................................... 4 3. DEFINITION................................................................................................................................................................................... 5 4. LEGISLATION................................................................................................................................................................................. 5 5. OUR OBLIGATIONS...................................................................................................................................................................... 5 6. RISK BASED APPROACH............................................................................................................................................................ 6 7. CDD...................................................................................................................................................................................................... 7 8. ID FRAMEWORK............................................................................................................................................................................ 8 9. POLITICALLY EXPOSED PERSONS ……................................................................................................................................ 9 10. SANCTIONS………......................................................................................................................................................................... 9 11. CORPORATE CLIENTS AND AGENTS………………………………………………………….................................................. 10 12. ENHANCED DUE DILIGENCE….………………………………………………………………….................................................. 11 13. LINKED TRANSACTIONS.......................................................................................................................................................... 13 14. ID SYSTEM………………………..................................................................................................................................................... 13 15. AUTOMATED SYSTEMS AND CONTROLS……………………………………………………................................................. 13 16. EMPLOYEE OBLIGATIONS ……………………………………………………………………….................................................. 13 17. ANTI BRIBERY & CORRUPTION …………………………………………………………………............................................... 14 18. WHISTLE BLOWING…………………………………………………………..……………………................................................... 14 19. TRAINING…………………………………………………………………………...……………………................................................. 14 20. RECORD KEEPING……………………………………………………………………………………................................................. 15 APPENDIXES 1. Suspicious activity & Proceeds of Crime Act 2002…………………………...........................................…16 2. Suspicious Activity Report format…………………………………………………..............................................17 3. Basel – ML Country Risk Score………………………………………………………..............................................18 4. Agent Application Form & AML-KYC Questionnaire…………………………............................................22 5. On boarding form for agents………………………………………………………...…............................................26 6. Fitness and propriety questionnaire..………………………………………………...........................................29 7. Declaration of having read the AML policy...................................................................................................33 2 1. INTRODUCTION GCC Exchange UK Ltd 90 High Street Southall Middlesex UB1 3DB 25 October 2018 Dear Colleagues, The following document defines the clear process and procedures of GCC Exchange UK Ltd (here in after referred to as GCC Exchange) and our approach to anti-money laundering (AML). I fully endorse our newly updated policies keeping with our business model and obligations to prevent all whistle blowing procedures. forms of money laundering, tax evasion, terrorist financing, bribery and corruption. Also added is a section on The adherence to comply with the rules as stated in this policy is legally binding to all who work for and are with this company and all relevant employees are undertake to comply with these policies. Please ensure to read it, understand it and follow it. Signed: Andrew Smith Money Laundering Reporting Officer 3 2. MONEY LAUNDERING Money Laundering is the process by which criminals attempt to hide and disguise the true origin and owner- - tion of the illegally obtained funds. ship of the proceeds of their criminal activities, thereby avoiding criminal prosecution, conviction and confisca In the industry, it is widely regarded that there are 3 key stages of the Money Laundering process. These are: 1) Placement 2) Layering 3) Integration success of criminal operations. The ability to launder the proceeds of criminal activity through the financial systems of the world is vital to the Historically, the traditional Banking sectors have led the efforts to combat money laundering but with the suc- all of us to do our part. cesses of international FX and remittance firms (e.g. GCC Exchange), the fight against criminal activity requires weaknesses in the system and look at various methods to convert illegally obtained money. It is our duty to be vigilant at all times in all aspects of our business as criminals continuously probe to find Money, usually in the form of hard cash, is vital for any terrorist organisation. The absence of money makes it almost impossible for the organisation to function. Therefore, to protect themselves and achieve success in their harmful acts, terrorists work hard to concealing their money and its true origin. The process is a joint effort between people who are recruited to raise funds - tance and receipt of the funds. for terrorist finance and the terrorist quartermaster/finance Director who mastermind the process the remit when engaging in any aspects of remittance services. All staff, partners and affiliates of GCC Exchange are required to maintain the highest levels of due diligence funding. An approach fully endorsed by its Senior Management and the MLRO. GCC Exchange places the utmost importance on the fighting against money laundering and combating terrorist 4 3. DEFINITION UK legislation are: Legal definitions of the crime of money laundering used in European Council Directives have been adopted into • The conversion or transfer of property for the purpose of concealing or disguising the origin of the property. • The concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to or ownership of illicitly gained property. • The acquisition, possession or use of property derived from criminal activity or participation in criminal activity. 4. LEGISLATION IN THE UNITED KINGDOM following: The legislation governing money laundering and Terrorist Financing and the fight against it is contained in the • Proceeds of Crime Act 2002 (as amended) • Money Laundering Regulations 2007 • Terrorism Act 2000 (as amended by the Anti-terrorism, Crime and Security Act 2001) • Money Laundering Regulations 2017 (now superceding MLR 2007) In addition, references, guidance and instruction are given in HM Treasury Sanctions notices and news releases and the FCA Handbook. It is important to note that United Kingdom legislation in respect of money laundering is an “all crimes legislation”. 5. OUR OBLIGATIONS In accordance with our responsibilities under the regulations in force, GCC Exchange have appointed a Money Laundering Reporting Officer/Nominated Officer (MLRO/NO). Email: [email protected] Our MLRO/NO is: Andrew Smith His obligations include, but are not limited to:- • ensuring all staff of GCC Exchange are trained regularly in anti-money laundering • ensuring that they understand their training • adopting a risk based approach to customer due diligence and enhanced due diligence including ongoing monitoring of any business relationships 5 6. ‘RISK BASED’ APPROACH Applying Due diligence at the start of customer engagement What is it? To us, this means identifying the person or company that is to become our ‘Customer’. We should verify the Customer’s identity on the basis of information obtained through legally acceptable documents that are reliable. The customers could be individuals or firms (a limited company or LLP or partnerships). For individuals, we have to verify their identity and addresses. For firms or companies the ultimate beneficial owners (UBO) who own/control 25% or more of the shares are to be identified. GCC Exchange will undertake adequate measures to ensure the UBO’s identity and propriety; Hence it should be ensured UBO’s do not belong to, or are linked to any political or sanctioned entities/countries. • To take appropriate measures to understand the ownership and control structure the UBO. by another
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