Anti-Money Laundering Countering Terrorism Financing Policy (hereinafter - the “AML/CTF Policy”) is designated to prevent and mitigate possible risks of Us (SAFE VOUCHER OÜ, Registration nr. 12184365.,registred Harju maakond, Kiili vald, Kiili alev, Nabala tee 2, 75401, Estonia ) to be involved in any kind of illegal activity.
This Anti-Money Laundering and Countering Terrorist Financing Policy (hereinafter referred to as the Policy or also as AML/CTF) is Company’s strategy used to prevent and effectively combat money laundering, terrorist financing and other financial crimes.
The aim of this Policy is to prohibit and actively prevent money laundering and any activity that facilitates money laundering or the funding of terrorist or criminal activities by complying with all applicable laws and requirements.
The Policy inter alia is designed to comply with the European AML/CTF Legislation, Financial Action Task Force (FATF) standards on Combating Money Laundering and the Financing of Terrorism & Proliferation, European Directive 2005/60/EC of October, 26, 2005 on the prevention of use of the financial system for the purpose of money laundering and terrorist financing.
The Policy will be reviewed and updated on a regular basis to ensure appropriate procedures and internal controls are in place to account for both changes in law regulations and changes in Company’s business.
Company defines money laundering as any activity that is carried out in an attempt to misrepresent the source of funds actually acquired through illegal processes as funds that were acquired through lawful sources/activities. Examples of types of fraudulent activities inter alia include insider trading, market manipulation, ponzi schemes, cybercrime and other investment-related fraudulent activity.
We ensure complete compliance with laws and regulations pertaining to AML/CTF. All our affiliates (subsidiaries, holding companies and other related entities) are obligated to comply with the Policy and with all applicable AML/CTF laws and regulations as well as Company requires its management and employees to adhere to these standards to prevent use of the services for money laundering purposes.
Company will analyze the information and ensure that we have a reasonable belief that we know the true identity of customer (KYC) by using risk-based procedures to verify and document the accuracy of the information we get about our customers.
Based on the risk, and to the extent reasonable and practicable, Company will verify customer identity through documentary means, non-documentary means or both. We will use documents to verify customer identity when appropriate documents are available.
This AML/CTF Policy covers the following aspects:
- Verification Procedures;
- Compliance Officer;
- Sanctions and PEP lists screening;
- Monitoring Transactions;
- Risk Assessment;
- Confidentiality and personal data protection.
1. Verification Procedures
Customer Due Diligence – ‘CDD’ is one of the international standards used to prevent illegal activities. Based on CDD, we have developed our own verification procedures in accordance with standards of anti-money laundering and ‘Know Your Customer’ (KYC) frameworks.
1.1. Identity Verification
Our identity verification procedure requires the User to provide us reliable, independent source documents, data or information. For such purposes we reserve the right to collect User’s identification information for the AML/CTF Policy purposes.
We will take steps to confirm the authenticity of documents and information provided by the Users. All legal methods for double-checking identification information will be used and we reserve the right to investigate certain Users who have been determined to be risky or suspicious.
We reserve the right to verify User’s identity in an on-going basis, especially when their identification information has been changed or their activity seemed to be suspicious (unusual for the particular User). In addition, we reserve the right to request up-to-date documents from the Users, even though they have passed identity verification in the past.
Once the User’s identity has been verified, we are able to remove itself from potential legal liability in a situation where its Services are used to conduct illegal activity.
1.2. Payment methods and Card Verification
The users who use payment cards in connection with our service will have to pass a card verification, the users who use other payment methods via service providers is passing appropriate service provider’s verification and fulfill it’s requirements.
2. Compliance Officer
We have authorized a special person – The Compliance Officer who will ensure that the AML/CTF Policy is effectively implemented.
The Compliance Officer is responsible for supervising all aspects of anti-money laundering, and counter-terrorist financing, including but not limited to:
- Gathering users’ identification information;
- Establishing and updating internal policies and procedures for the completion, review, submission, and retention of all reports and records as required by the applicable laws and regulations;
- Monitoring transactions and investigating suspicious activities;
- Enforcing a records management system for appropriate storage and retrieval of documents, files, forms and logs;
- Updating risk assessment regularly;
- Offering law enforcement with information according to the applicable laws and regulations.
3. Sanctions and PEP lists screening.
We will screen applicants against recognized Sanctions and Politically Exposed Persons (PEPs) lists.
- Individuals and legal entities are screened against mentioned lists:
- On the onboarding stage when the user is submitting the application;
- On each anti-fraud and AML alerts manually by Compliance Officer;
4. Monitoring Transactions
Not only the users’ identity will be verified, but their transactional patterns will be analyzed as well. We depend on data analysis as a risk-assessment and suspicion detection tool, and perform different compliance-related tasks, for example record-keeping, reporting, and investigation management.
4.1 The system functionalities include the following:
- checking the users against recognized ‘black-lists’ (e.g. OFAC);
- combining transfers at multiple data points;
- categorizing users on watch and service denial list;
- opening cases for investigation where needed;
- sending internal communications;
- filling out statutory reports.
4.2 Case and Document Management
In compliance with AML/CTF Policy we will constantly monitor all the transactions and it holds the right to:
- Make sure that any suspicious transaction is reported, and proper law enforcement is brought through the Compliance Officer.
- Gather any additional information required from the users in the case of suspicious transactions.
- Suspend and terminate a user’s account when suspicion of illegal activity is reasonable.
The above list isn’t comprehensive, and the Compliance Officer holds the right to monitor the users’ transactions daily to determine whether the transactions are to be reported or treated as a bona fide.
5. Risk Assessment
In compliance with the international requirements we have put together a risk-based approach to fight money laundering and terrorist financing. Leveraging this risk-based approach, we ensure that the measures used in preventing money laundering and terrorist financing are compatible with identifying the risks. This additionally allows the resources to be allotted in the most effective ways. Furthermore, the principle also makes sure that the greatest risks receive the highest attention.
Risk management generally shall be regarded as a continuous process, carried out on a dynamic basis. We therefore ensure that our risk management processes for managing money laundering and terrorist financing risks are kept under regular review. It is recommended that we revisit our assessments at least annually.
Country risk, in conjunction with other risk factors, provides useful information as to potential money laundering and terrorist financing risks. Country risk is not solely related to the country of origin of a customer.
It should also be taken into account that a customer may have business interests in or relevant links to a country that may signify that the customer should be placed in a higher risk category.
Company is prohibited from transacting with customers that are on prescribed jurisdictions in accordance with the FATF policy ( high-risk third countries):
- Burkina Faso
- Cayman Islands
- Democratic People’s Republic of Korea
Company retains the right at its own discretion to extent the above mentioned list of prohibited customers’ jurisdictions.
For the purposes of this Policy, Company recognizes three types of judicial jurisdiction, i.e.:
- Personal Jurisdiction – is the authority over a person, regardless of their location;
- Territorial Jurisdiction – is the authority confined to a bounded space, including all those present therein, and events which occur there;
- Subject Matter Jurisdiction – is the authority over the subject of the legal questions involved in case.
The customer risk profile will serve as a baseline for assessing potentially suspicious activity. Determining the potential money laundering and terrorist financing risks posed by a customer, or category of customers, is critical to the development of an overall risk framework. Company determines whether particular customers pose a higher risk of money laundering and terrorist financing and whether, in some cases, mitigating factors are sufficient to conclude safely that customers engaged in such activities do not.
Company does not provide products which may pose a high risk of money laundering or terrorist financing and does not offer services which may facilitate high degree of anonymity, or involve the handling of high volumes of currency or currency equivalents.
6. Confidentiality and personal data protection
The information about customers and their transactions obtained in the course of fulfilling AML/CTF internal control is considered as confidential.
The employees of Company should avoid disclosure to third persons the AML/CTF ways and means implemented by the Company. The “tipping off” is strictly prohibited.
One of the most important controls over the prevention and detection of money laundering or terrorist financing is to have employees that are alert to the risks of money laundering/terrorist financing and well trained in the identification of mandatory control transactions and unusual activities or transactions which may prove to be suspicious. Our training will occur on at least an annual basis or often, if necessary. It will be based on Company’s size, customer base, and its resources and be updated as necessary to reflect any new developments in applicable legislation.
Company enforces a strict anti-money laundering policy with law or even zero tolerance for money laundering and terrorism financing activities and is committed to the highest standards of Anti- Money Laundering and Countering Terrorist Financing.