Anti-money laundering Policy and (K.Y.C) Procedures
Money laundering is an economic crime, according to most legal systems, which aims to give legitimacy and legality to any money obtained through illegal means in order to manage, invest and/or transfer it, especially if it is gained through illicit trafficking in weapons, drugs and other crimes which aims to legalize that money as if it is obtained legally.
The company is committed to its moral duty to combat money laundering and financing of terrorism and dry up its sources, and limit any methods of legitimizing any illegal fund. This is based on the moral vision and the human duty of the economic and financial institutions in the whole world.
In this regard, the company will, before opening any account, take procedures to know the customer which is known as (K.Y.C); in order to prevent or limit any illegal activities that may exploit the company’s services, activities or tools.
Know Your Customer (K.Y.C) Procedures
Know your customer procedures are important measures to reduce money laundering and the subsequent financing of terrorism and/or illegal acts. This imposes an obligation on the company to verify the identity of any client and monitor the relationship between customer requests sometimes.
The company will verify the identity of the person by requiring him/her to provide some or all of the following official documents:
- The identity card issued by the competent ministry in the client’s country.
- The official passport issued by the customer’s country.
- The driving license that contains the customer’s personal photo.
- Any identity documents issued by a competent authority of the customer’s country and contains a personal photo.
The customer is required to prove his/her residence address through some or all of the following documents:
- Official certificate from the local authority the customer’s place of residence.
- A recent bank reference proving the customer’s residence, like an invoice, phone bill or services issued by the local authority.
- Tax statement issued by the competent authority in the customer’s residence.
For moral persons, the following documents are required:
- Certificate of registration of the legal person including the names of the authorized persons.
- The legal person’s articles of incorporation and articles of association.
- The identity card of the authorized signatories for the legal person.
Conditions of Documentations
The customer understands that in order to achieve the desired goals of the customer knowledge policies in order to reach the primary goal in combating terrorism and money laundering, it is required in the aforementioned documents the following:
- That all the mentioned documents are valid according to the internal regulations of the country that issued them.
- The documents should be translated into English and any language required by the company.
- All the aforementioned documents should be completely scanned in a high-quality and clear way.
- All documents should be clearly colored.
- There is no similarity of forgery, abrasion or distortion in these documents.
- However, additional information and/or documents may be requested from the client at any stage before or during opening the accounts.
Deposits received from a third-party account to the client’s account are not accepted by credit card payment, because credit cards issued to deposit funds in the customer’s account only. The company has the right to make sure that the referenced name during the deposit process matches the name of the customer in the case of bank transfers.
The company has the right to review this statement many times whenever needed without notifying the clients, either before or during the deals, and at any time the company finds necessary.