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AML Policy

The AML (Anti-Money Laundering) Manual details KYC procedures, customer risk assessment, and identity verification to comply with regulatory requirements.

AML/CTF Manual

Customer Identification and Verification

The AML/CTF Manual sets out the Customer identification and verification procedures (also referred to as “Know you Customer” or “KYC” procedures). The AML/CTF Act requires any Reporting Entity (such as the Company) to carry out procedures to verify a customer’s identity before providing a designated service to that customer and ongoing due diligence of customers must be conducted.

Accordingly, the primary purpose of this AML/CTF Manual is to set out the applicable customer identification and verification procedures for customers of the Company.

The level of information that must be collected is dependent on the identified ML/TF risk posed to the Company having regards to the following factors:

  • Its customer types, including:

    a) beneficial owners of customers;

    b) Any Politically Exposed Persons (refer to paragraph 4.1.4);
  • its customers’ sources of funds and wealth;
  • The nature and purpose of the business relationship with its customers, including, as appropriate, the collection of information relevant to that consideration;
  • The control structure of its non-individual customers;
  • The types of designated services provided;
  • The methods by which the designated services are delivered;
  • The foreign jurisdictions with which it deals.

The Company considers it important and seeks to assess the risk posed by each customer (as opposed to overall risks faced by the Company in respect to customers). This enables the Company to classify the risk posed by each customer as either low, medium, or high. If the risk cannot be clearly determined, then the Company will rely on the risk assessment performed generally with respect to its customers.

In addition, in developing this AML/CTF Manual, compliance with the Money Laundering Prevention Act, 2020, was considered.

Of note, there are different customer identification and verification procedures for different customer types.

Customers

Customers include the following:

  • Individuals;
  • Companies;
  • Customers who act in the capacity of a trustee of a trust;
  • Customers who act in the capacity of a member of a partnership;
  • Incorporated associations;
  • Unincorporated associations;
  • Registered co-operatives;
  • Government bodies.

Agents

The Company may authorise another person to be its agent for the purposes of carrying out applicable customer identification (and verification) procedures on its behalf. Clearly, these procedures must be carried out in accordance with the AML/CTF Rules.

In this case, there must be a written agreement in place for the management of the customer identification (and verification) records whereby the Company has access to the records made by the agent and may request a copy of the records made by the agent.

Intermediaries

The company can accept that the customer identification procedure has been carried out in respect of the customer by the other Reporting Entity i.e. the intermediary if:

  • An intermediary (that is a Reporting Entity, being a licensed financial adviser) carried out the applicable customer identification procedures in respect of a particular customer to whom The Company provides (or proposes to provide) a designated service; and
  • The customer identification procedure was carried out in accordance with the Money Laundering Prevention Act, 2020; and

    (a) The Company has obtained a copy of the records made by the intermediary (referring Reporting Entity); OR

    (b) There is an agreement in place for the management of the customer identification records whereby The Company has access to the records made by the intermediary (or the referring Reporting Entity); and
  • The Company has determined that it is appropriate for it to rely upon the applicable customer identification procedures carried out by the intermediary having regard to the ML/TF risk faced by the Company relevant to the provision of its services to the customer; and
  • Such other conditions set out in the Money Laundering Prevention Act, 2020 (if any) are satisfied.

Then the company can accept that the customer identification procedure has been carried out in respect of the customer by the other Reporting Entity i.e. the intermediary.

Based on the nature of the Company’s business, it is unlikely that it will seek to rely on another Reporting Entity to carry out the applicable customer identification procedures. However, the above is provided for information purposes.

Timing of Identification

(a) New Customers

All new customers are to be identified and their identification verified, in accordance with the procedures set out in this AML/CTF Manual, prior to the provision of any designated services.

(b) Pre-commencement

Identification procedures may be required in respect of certain customers in certain circumstances (refer to paragraph 2.12 below).