Anti-Money Laundering (AML) Policy
PURE ENERGY CRYSTALS LLC
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Anti-Money Laundering (AML) Policy
1. Purpose and Scope
The purpose of this Anti-Money Laundering (AML) Policy is to ensure that PURE ENERGY CRYSTALS (the "Company") complies with all applicable laws and regulations related to the prevention of money laundering and terrorist financing. This policy applies to all employees, officers, and directors of the Company, as well as to third parties acting on behalf of the Company.
2. Definitions
- Money Laundering: The process of disguising the origins of illegally obtained money to make it appear legitimate.
- Terrorist Financing: The provision of funds or financial support to terrorists or terrorist organizations.
- Customer Due Diligence (CDD): The process of identifying and verifying the identity of the Company's customers.
- Suspicious Activity Report (SAR): A report filed by the Company when suspicious activity is detected.
3. Policy Statement
The Company is committed to preventing money laundering and terrorist financing through the implementation of robust AML measures. These measures include customer due diligence, reporting of suspicious activities, record-keeping, and ongoing employee training.
4. Customer Due Diligence (CDD)
The Company will conduct CDD when:
- Establishing a business relationship with a customer.
- Carrying out an occasional transaction above a certain threshold.
- There is suspicion of money laundering or terrorist financing.
- There are doubts about the veracity or adequacy of previously obtained customer identification data.
4.1 Identification and Verification
The Company will:
- Obtain and verify the full name, address, date of birth, and identification documents of individual customers.
- Obtain and verify the name, address, and identification documents of corporate customers, as well as the identities of their beneficial owners.
4.2 Enhanced Due Diligence (EDD)
For high-risk customers or transactions, the Company will conduct Enhanced Due Diligence (EDD), which may include:
- Obtaining additional information about the customer or beneficial owner.
- Conducting more frequent monitoring of the business relationship.
- Obtaining senior management approval before establishing or continuing the business relationship.
5. Reporting Suspicious Activity
Employees must report any suspicious activity to the designated AML Compliance Officer, who will determine whether to file a Suspicious Activity Report (SAR) with the appropriate authorities.
6. Record-Keeping
The Company will maintain records of all transactions, customer identification documents, and CDD information for a minimum of five years. These records will be available for inspection by regulatory authorities upon request.
7. Training and Awareness
The Company will provide ongoing AML training to all employees, ensuring they understand their responsibilities and the Company's procedures for preventing money laundering and terrorist financing. Training will include:
- The legal and regulatory framework.
- How to identify and report suspicious activities.
- The Company's internal policies and procedures.
8. Internal Controls and Auditing
The Company will implement internal controls to ensure compliance with AML laws and regulations. These controls will be subject to regular audits to assess their effectiveness and identify areas for improvement.
9. Responsibilities
- Board of Directors: Oversee the implementation of the AML policy and ensure sufficient resources are allocated.
- AML Compliance Officer: Ensure the policy is implemented effectively, oversee CDD procedures, report suspicious activities, and maintain records.
- Employees: Adhere to the AML policy, complete required training, and report any suspicious activities.
10. Review and Updates
This AML policy will be reviewed and updated annually or as required to reflect changes in laws, regulations, or business practices.
11. Conclusion
PURE ENERGY CRYSTALS is committed to maintaining the highest standards of compliance with AML regulations. By adhering to this policy, the Company aims to protect its reputation, prevent financial crime, and contribute to the integrity of the financial system.
Approved by: PURE ENERGY CRYSTALS LLC
Date: June 9th 2024
This Anti-Money Laundering Policy is effective as of 06/09/2024.
