Introduction and Scope

Passportmonie is committed to the highest standards of Anti-Money Laundering (AML) and Know Your Customer (KYC) practices. This policy outlines our approach to prevent and mitigate risks of money laundering and terrorism financing, adhering to both local and international regulatory standards.

Definitions

• Money Laundering (ML): The process of disguising illegal proceeds to appear legitimate.
• Terrorism Financing: Involves handling funds to support terrorist activities.
• KYC/B: Involves verifying customer identities and maintaining their records.
• Financial Intelligence Unit (FIU): A central national agency responsible for handling information concerning suspected proceeds of crime.
• Politically Exposed Persons (PEPs): Individuals who have been entrusted with prominent public functions, posing higher risks due to their position.
• Enterprise Risk Management (ERM): Strategies for managing risks and capitalizing on opportunities.
• Client: Any individual or entity engaged in financial dealings with the Company.

Policy Objectives

• Ensuring adherence to AML laws and regulations.
• Protecting the Company from fraud and reputational risks.
• Preventing the misuse of financial systems for illicit activities.
• Establishing and maintaining effective ERM systems.

Policy Components

1. Enhanced Due Diligence (EDD): Apply EDD for high-risk clients, including PEPs and those from high-risk jurisdictions, to understand their business nature and monitor their transactions closely.
2. Continuous Monitoring: Implement continuous transaction monitoring systems to identify and report suspicious activities.
3. Technology Integration: Utilize advanced technology like AI for efficient transaction monitoring, pattern recognition, and risk assessment.
4. Employee Training: Regular training programs for employees on AML/KYC regulations and best practices.