Rules of procedure and internal audit rules compiled under Privacy and Money Laundering and Terrorist Financing Prevention Act ( Privacy AML & KYC)
Effective as of December 2021
These Rules of procedure and internal audit rules are prepared by UNITY & CO LLC,
an Saint Vincent and the Grenadines Limited Liability Company No: 1521 LLC 2021
whose legal address is Suite 305, Griffith Corporate Centre, Beachmont, Kingstown,
Saint Vincent and the Grenadines.
The Rules of procedure and internal audit rules AML & KYC consist of:
• Code of Conduct for the application of customer due diligence measures;
• Code of Conduct for the collection and preservation of data;
• Code of Conduct for the performance of the notification obligation and for informing the management;
• Internal Control Rules.
The rules of procedure:
• describe transactions of a lower risk level and establish the appropriate requirements and procedure for carrying out such transactions;
• describe transactions of a higher risk level, including risks arising from telecommunications, information technology means, computer network and other technological development, and establish the appropriate requirements and procedure for carrying out and monitoring such transactions;
• set out the rules of taking the due diligence measures specified in chapter 3 of the Money Laundering and Terrorist Financing Prevention Act;
• set out the requirements and procedure for keeping the documents and records specified in the Money Laundering and Terrorist Financing Prevention Act.
The rules of procedure contain instructions for how to effectively and quickly identify whether or not the person is:
• a politically exposed person;
• a person whose place of residence or seat is in a country where no sufficient measures for prevention of money laundering and terrorist financing have been taken;
• a person with regard to whose activities there is prior suspicion that the person may be involved in money laundering or terrorist financing;
• a person with regard to whom international sanctions are imposed;
• a person with whom a transaction is carried out using telecommunications.
The rules of procedure are introduced to all employees of an obligated person whose duties include establishment of business relationships or carrying out transactions.
The Company shall regularly check whether the established rules of procedure are up-to-date and establish new rules of procedure where necessary.
ALL users are required to apply for KYC confirmationand passport and resident proof of address.
USA, North Korea and Citizen is not allowed. If users are deposit in crypto currency and other USDC and USDTR assets, the operation and opening of assets is under you own risk, Unity & CO., LLC will not resposnisble for any responsible of the transactions.
All transaction is monitor by KYC software tools and tracking onboard software system.
Corporate and Individual accounts are treated same as all the KYC requirement and process of KYC. All funding transfer need to be allow for KYC personal transfer or same as KYC company.
Company have right to reject any withdraw or any suspecious activities without any prior notification.
Company is not responsible for any lost or missing transfer of any assets.
Code of Conduct for the application of customer due diligence measures
• Aim of the Code of Conduct and its elements ;
• The aim of this Code of Conduct is to ensure the proper identification and verification of customers or persons participating in transactions, as well as ongoing monitoring of business relationships, including transactions carried out during business relationships, regular verification of data used for identification, update of relevant documents, data or information and, when necessary, identification of the source and origin of funds used in transactions.
• Customer due diligence is one of the main tools for ensuring the implementation of legislation aimed at preventing money laundering and terrorist financing and at applying sound business practices.
Customer due diligence comprises a set of activities and practices arising from the organization and functional structure of the Company and described in internal procedures, which have been approved by the directing bodies of the Company and the implementation of which is subject to control systems established and applied by internal control rules.
• The purpose of customer due diligence is to prevent the use of assets and property obtained in a criminal manner in the economic activities of credit institutions and financial institutions and in the services provided by them whose goal is to prevent the exploitation of the financial system and economic space of the SVG for money laundering and terrorist financing.
Customer due diligence is aimed, first and foremost, at applying the Know-Your-Customer principle, under which a customer shall be identified and the appropriateness of transactions shall be assessed based on the customer’s principal business and prior pattern of payments. In addition, customer due diligence serves to identify unusual circumstances in the operations of a customer or circumstances whereby an employee of the Company has reason to suspect money laundering or terrorist financing.
• Customer due diligence ensures the application of adequate risk management measures in order to ensure constant monitoring of customers and their transactions and the gathering and analysis of relevant information. Upon applying the customer due diligence measures, the Company will follow the principles compatible with its business strategy and, based on prior risk analysis and depending on the nature of the customer’s business relationships, apply customer due diligence to a different extent.
• Customer due diligence are applied based on risk sensitive basis, i.e. the nature of the business relationship or transaction and the risks arising therefrom shall be taken into account upon selection and application of the measures. Risk-based customer due diligence calls for the prior weighing of the specific business relationships or transaction risks and, as a result thereof, qualification of the business relationship in order to decide on the nature of the measure to be taken (for instance, normal, enhanced or simplified due diligence measures could be applied).
• If the risk level of a customer or a person participating in a transaction is low, the Company may apply simplified due diligence measures, but is not allowed to skip customer due diligence entirely. If the risk level arising from a customer or a person participating in a transaction is high, enhanced due diligence measures will be applied.
• Upon establishing a business relationship, the Company will identify the person and verify their right of representation based on reliable sources, identify the beneficial owner and, in the case of companies, the control structure, as well as identify the nature and purpose of possible transactions, including, if necessary, the source and origin of the funds involved in the transactions.
• Customer due diligence measures are appropriate and with suitable scope if they make it possible to identify transactions aimed at money laundering and terrorist financing and identify suspicious and unusual transactions as well as transactions that do not have a reasonable financial purpose or if they at least contribute to the attainment of these goals.
• The first requirement for the measures of prevention of money laundering and terrorist financing is that the Company does not enter into transactions or establish relationships with anonymous or unidentified persons.
Legislation requires that the Company waives a transaction or the establishment of a business relationship if a person fails to provide sufficient information to identify the person or about the purpose of the transactions or if the operations of the person involve a higher risk of money laundering or terrorist financing. Also, legislation requires the Company to terminate a continuing contract without the advance notification term if the person fails to submit sufficient information for application of customer due diligence measures.
• The Company ensures that information concerning a customer (incl. gathered documents and details) is up to date. In the event of customers or business relationships falling in the high risk category, the existing information will be verified more frequently than in the event of other customers/business relationships. The respective data shall be preserved in writing or in a form that can be reproduced in writing and made available to all relevant employees who need it to perform their employment duties (management board members, account managers, risk managers and internal auditors).
• The principles and instructions provided for in the customer due diligence measures are set out in the internal procedures of the Company. Independent control mechanisms are established over adherence to these procedures and the relevant training of employees are ensured.
• Applicability of the Code of Conduct
• This Code of Conduct for the application of customer due diligence measures includes:
• requirements for the identification and verification as well as methods for the collection of relevant data, including requirements for the data and documents on which the identification is based;
• procedures for the identification of the purpose and intended nature of business relationships and transactions prior to the conclusion of such transactions or long-term contracts, and procedures for ongoing monitoring of business relationships;
• a description of low risk transactions and requirements for and procedures of the conclusion of such transactions;
• a description of high risk transactions and requirements for and procedures of the conclusion and ongoing monitoring of such transactions;
• procedures for updating the data and documents used for identification and verification;
• other issues arising from the aim and scope of the Code of Conduct.
• General Obligatory Identification Rules
• The Code of Conduct for the application of customer due diligence measures requires the identification and verification in case of:
• Establishing business relationships with persons with whom the Company has no previous business relationships;
• Conducting transactions with persons with whom the relationship between the person and the Company will not constitute a business relationships and whereby the amount transferred exceeds EUR 15 000, or an equal amount in any other currencies, whether in one-time transfer or several related payments over a period of up to one year; any higher amount in any assets greater than regulations will be ask to provide detail purposes of funding source and transfer details. All details will be track and monitor using software system and tracking software.
• Establishing business relationships with persons in respect of whom simplified due diligence measures are applied;
• Establishing business relationships with politically exposed persons;
• Conducting transactions through means of communication with persons with whom the Company has a business relationship;
• Establishing business relationships with persons whose place of residence or registered office is in a country where the application of measures for the prevention of money laundering and terrorist financing is insufficient.
• Organization structure
• The management board of the Company shall regularly (not less than once a quarter) review the efficiency of the internal procedures implemented for the purpose of complying with the Money Laundering and Terrorist Financing Prevention Act and ensure internal control over following the internal procedures. The Company shall appoint the person(s) who is (are) responsible at the management board level for the application of the customer due diligence measures provided for in the Money Laundering and Terrorist Financing Prevention Act. The competence and responsibilities of the person shall transparently and unambiguously arise from internal documentation regulating the tasks and functions of the members of the management board (e.g. rules of procedure of the management board, job descriptions of the members of the management board and service contracts of the members of the management board).
• The person(s) appointed by the management board of the Company shall ensure the application of customer due diligence measures based on the provisions in legislation and other so-called Rules of Procedure and take into account that the measures applied are adequate, correspond to the operating profile of the service provider and comply with the customer, nature and scope of the transactions and the related risks of money laundering or terrorist financing.
• The management board of the Company ensures that the resources allocated to comply with the Money Laundering and Terrorist Financing Prevention Act are sufficient and that the employees directly involved in the fulfilment of the requirements of the Money Laundering and Terrorist Financing Prevention Act are fully aware of the requirements of the Money Laundering and Terrorist Financing Prevention Act.
• Each executive and employee directly involved in the implementation of the Money Laundering and Terrorist Financing Prevention Act shall have professional skills that allow them to fully and with sufficient accuracy adhere to the provisions of legislation in accordance with the scope of their responsibilities and they shall have completed the respective training or been otherwise instructed therein by the Company.
• The Company shall mitigate and prevent conflicts of interests with internal rules, whereby the grounds of remuneration of executives and employees encourage them to disregard or deviate from provisions of law.
• Customer due diligence is part of the overall risk management framework where a clear distinction shall be made between the application of customer due diligence measures applied in business relationships and the application of measures for prevention of money laundering and terrorist financing in the Company’s own operations.
• The Company shall provide contractual partners (in the event of outsourcing) and all relevant staff, including staff whose duties include the establishment of business relationships and/or the execution of transactions, management of customer relationships, with regular training in and notification about the nature of the risks of money laundering and terrorist financing and any new trends in the field. First and foremost, staff shall be kept informed about the requirements governing the prevention of money laundering and terrorist financing with respect to the application of customer due diligence measures and reporting on suspected money laundering.
• The Company shall ensure that the customer due diligence measures and data collection and preservation requirements applied in its third-country representations, branches or majority held subsidiaries comply with the Money Laundering and Terrorist Financing Prevention Act and the requirements set out in other act and guidelines. In a situation where it is not possible to fulfil such requirements due to the specific nature of local laws, the SVGn Financial Supervision Authority will be notified thereof immediately.
• Economic or professional activities via agents and outsourcing
• The Company has the right, taking account the special requirements and restrictions provided by law, to use the services of a third party under a contract the subject of which is the continuing performance of activities and continued taking of steps required for the provision of (a) service(s) by the Company to its customers and that would normally be performed and taken by the Company itself. For the purposes of this section, third parties include, for instance, agents, subcontractors and other persons to whom the Company transfers the activities relating to the provision of the services provided as a rule by the Company in its economic activities.
• The Company shall choose the third party in order to ensure the ability of the person to fulfil the requirements provided for in the Money Laundering and Terrorist Financing Prevention Act and to ensure the reliability and the required qualifications of such a person.
• The third party specified in section 6.1 is subject to all of the requirements provided by law for prevention of money laundering and terrorist financing regarding outsourced activities. The Company who outsourced its activities is liable for infringement of the requirements.
• Upon outsourcing an activity (activities), the Company shall ensure that the third party has the knowledge and skills required, above all, for the identification of situations of a suspicious and unusual nature and is able to meet all of the requirements for the prevention of money laundering and terrorist financing provided by law. To comply with the provisions in this section, the Company shall ensure the notification of the executives of the third party of the relevant requirements and the training of its staff in the prevention of money laundering and terrorist financing.
• Upon outsourcing an activity to third parties, the Company shall ensure that any documents and information collected for the fulfilment of requirements arising from legislation are preserved in accordance with the procedure established in the Money Laundering and Terrorist Financing Prevention Act and any legislation issued on the basis thereof. The contract shall ensure that relevant information is handed over to the Company and that the relevant information and documents are archived in accordance with its rules of procedure.
• The outsourcing contract shall specify the rights and duties of the Company upon reviewing compliance by the third party with the requirements provided by law. The outsourcing of economic activities to a third party shall not impede state supervision over the Company and the latter shall, under contract, grant competent authorities access to the third party for supervisory purposes to whom the Company has outsourced its duties, tasks or functions.
• Whilst services are provided by third parties, situations where the application of customer due diligence measures to the required extent is possible to an insufficient degree or entirely impossible shall be avoided.
A third party shall be able to fully apply the required customer due diligence measures, thereby being able to notify the contact person of the Company immediately and to decline a transaction. The Company shall, under contract, ensure its right to terminate the contract with the third party if the latter fails to perform its contractual duties or obligations or performs the unduly.
• The Company shall immediately notify the Financial Supervision Authority of entry into a contract serving as the basis for outsourcing its activity (activities).
• Appointment of a compliance officer
• The management board of the Company shall appoint amongst management board members a compliance officer. The functions of a compliance officer may be performed by one employee or member of the management board or several employees and/or a structural unit with the relevant duties. If the functions of the compliance officer are performed by a structural unit, the head of the relevant structural unit will be responsible for the performance of the functions.
• The position of a compliance officer within the organisational structure of the Company shall allow for the performance of the requirements provided by law for the prevention of money laundering and terrorist financing. Upon establishment of the compliance officer position, the compliance officer shall be made directly accountable to the management board of the Company and made as independent of business processes as possible.
• The compliance officer’s independence from business processes does not mean that the officer is prohibited to advise or train colleagues for the purpose of ensuring the compliance of the actions of the executives and employees with the requirements of the Money Laundering and Terrorist Financing Prevention Act.
• The professional qualifications and skills of the compliance officer shall meet the requirements established in the Money Laundering and Terrorist Financing Prevention Act and the compliance officer’s professional and business reputation shall be impeccable.
• The functions of the compliance officer are as follows:
• organisation of collection and analysis of information referring to unusual transactions or transactions suspected of money laundering or terrorist financing in the activities of the Company
(collection of information means collection of any and all suspicious or unusual notices received from the employees, contractual partners and agents of the Company, and systemising and analysis of the information contained in them);
• reporting to the Financial Intelligence Unit (hereinafter the FIU) in the event of suspicion of money laundering or terrorist financing (notice being given in the manner agreed with the FIU);
• periodic submission of written statements on implementation of the rules of procedure to the management board of the Company; and
• performance of other obligations related to the fulfilment of the requirements of the Money Laundering and Terrorist Financing Prevention Act by the credit institution or financial institution (including instructing and training employees and applying respective control mechanisms).
• The compliance officer shall have access to the information forming the basis or prerequisite for establishing a business relationship, including any information, data or documents reflecting the identity and business activity of the customer. The management board also grants the compliance officer the right to participate in the meetings of the management board if the compliance officer deems this necessary to perform their functions.
• The contact details of the compliance officer shall be communicated to the Financial Supervision Authority. The compliance officer shall inform the Financial Supervision Authority within a reasonable term about the appointment of a new compliance officer or a change in contact details.
• Risk-based approach
• The Company shall recognise, assess and understand money laundering and terrorist financing risks in its own activities and in the activities of its customers and take measures to mitigate the risks. The applicable measures shall correspond to the identified risk level.
• ‘Risk appetite’ means the total of the exposure level and types of the obliged entity, which the obliged entity is prepared to assume for the purpose of its economic activities and attainment of its strategic goals, and which is established by the senior management of the obliged entity in writing. The management board of the Company also determines whether business relationships will be established with persons from a country outside the European Economic Area or with e-residents.
• In the event of the risk-based approach, the Company shall assess the probability of the realisation of risks and what the consequences of their realisation are. Upon assessment of probability, the chance of an increase in the threat and the possibility of occurrence of the respective circumstances shall be taken into account, e.g. the possible threats that may influence the activities of the customer and the service provider shall be taken into account.
• The Company shall take all customer due diligence measures. The scope of taking the measures depends on the characteristics of the given business relationship or the risk level of the person or customer participating in the transaction or official act; thereby the Know-Your Customer principle shall be followed. The Money Laundering and Terrorist Financing Prevention Act provides for a few exceptions to the automatic application of certain customer due diligence measures, e.g. the amount-based reporting obligation in accordance with subsection 3 of § 49 of the Money Laundering and Terrorist Financing Prevention Act.
• Upon identifying and substantiating the risk levels of a customer or a person participating in a transaction, the Company shall take into account, among other things, the following risk categories:
• Customer risk whose factors arise from the person or customer participating in a transaction; among other things, the following shall be taken into account:
• the legal form, management structure, field of activity of the person, including whether it is a trust fund, civil law partnership or another similar contractual legal entity or a legal person with bearer shares;
• whether it is a politically exposed person;
• whether the person is represented by a legal person;
• whether a third party (individual) is the beneficial owner;
• whether the identification of the beneficial owner is impeded by complex and non-transparent ownership relations;
• the residency of the person, including whether it is a person registered in territories with a low tax rate;
• whether the person is subject to an international sanction;
• the possibility of classifying the customer as a typical customer of a certain customer category;
• circumstances (including suspicious transactions identified in the course of a prior business relationship) resulting from the experience of communicating with the person, its business partners, owners, representatives and any other such persons;
• the duration of the operations and the nature of business relationships;
• the type and characteristics of the service provided or product sold (whether the service or product is unusual or economically impracticable);
• whether the service or product may be related to crime or development of weapons of mass destruction;
• whether the person participates in transactions where cash plays a major role (e.g. currency exchange locations and gambling operators);
• whether the person’s customers are the same or change constantly;
• whether the person’s customer base has increased rapidly;
• whether the person renders the service to anonymous customers;
• the existence and nature of the risk factor relating to a service provider used to forward the service or product;
• the type and characteristics of the services used or products consumed by the person outside the Company;
• the nature of the personal activities of an individual;
• whether the origin of the person’s assets or the source and origin of the funds used for a transaction can be easily identified; and
• whether the person has been identified face-to-face or via the Internet.
• Product or service risk, whose risk factors result from the customer's economic activities or the exposure of a specific product or service to potential money laundering risks, among other things:
• private banking and personal banking;
• currency exchange and conversion transactions;
• provision of alternative means of payment and e-money;
• purchase and sale of high-value goods;
• provision of online advertising;
• provision of innovative services; and
• foundation, sale and administration of companies.
• Country or geographical risk, whose factors arise from differences in the legal environment of various countries:
• whether the country applies legal provisions that are in compliance with the international standards of prevention of money laundering and terrorist financing;
• whether there is a high crime rate (incl. drug-related crime rate) in the country;
• whether the country cooperates with a criminal group; whether criminal groups use the country to pursue their operations;
• whether the country engages in proliferation;
• whether there is high level of corruption in the country;
• whether international sanctions have been or are being imposed on the country; and
• whether other measures have been taken against or positions of international organisations have been expressed on the country.
• Taking account of the aforementioned risk categories, the Company shall determine the risk level of the person or customer participating in a transaction, e.g. whether the customer's money laundering or terrorist financing risk level is low, normal or high or whether it corresponds to other risk level qualifications determined and used by the Company.
• To determine the impact of each risk category, the Company shall assess the likelihood of occurrence of risk factors in the risk category. To determine the impact of a specific risk category, the qualifying quantity of occurrence of the risk factors characterising it may be used for the purpose of deeming a specific risk factor as „having an impact‟ or as „not having an impact‟ in the event of exceeding a certain threshold.
• Certain guidelines in the event of specifying a low level of risk.
• The customer's risk level is generally considered low if there is no risk factor of impact in any risk category and it can therefore be claimed that the customer and its operations demonstrate elements that do not differ from those of an ordinary and transparent person; thereby there is no reason to suspect that the customer's operations may increase the probability of money laundering and terrorist financing.
• In a situation where the application of the required measures of customer due diligence arises from legislation and information about the customer and its beneficial owner is publicly available, where the operations and transactions of the person are in line with its day-to-day economic activities and do not differ from the payment conventions and conduct of other similar customers or where the transaction is subject to quantitative or other absolute restrictions, the Company may deem the customer's estimated money laundering or terrorist financing risk to be lower.
• In a situation where at least one risk category can be qualified as high, the risk level of money laundering or terrorist financing cannot usually be low. Equally, a low risk does not necessarily mean that the customer's operations cannot be associated with money laundering or terrorist financing at all.
• If the risk resulting from a business relationship, a customer or transaction is low due to risk factors established with respect to the party to the transaction or the customer and the other conditions set out in § 32 of the Money Laundering and Terrorist Financing Prevention Act have been fulfilled, the Company may apply simplified due diligence measures, but may not omit the customer due diligence measures entirely. Upon application of customer due diligence measures by way of the simplified procedure, the Company may determine the scope of application of the customer due diligence measures.
• Certain guidelines in the event of specifying a high level of risk
• The customer's risk level is usually high, when assessing the risk categories on the whole it seems that the customer's operations are not ordinary or transparent; there are risk factors of impact due to which it may be presumed that the likelihood of money laundering or terrorist financing is high or considerably
higher. The customer's risk level is also high if a risk factor as such calls for this. A high risk does not necessarily mean that the customer is laundering money or financing terrorists.
• If the Company feels that the risk level of a customer or a person participating in a transaction is high, the Company shall apply customer due diligence measures pursuant to the enhanced procedure in order to adequately manage the respective risks. Thereby enhanced due diligence measures shall be applied in accordance with § 37 of the Money Laundering and Terrorist Financing Prevention Act.
• Specific risks related to virtual currency trade and means of risk mitigation
• The AML/CFT risks specific to virtual currency trade are:
• the anonymity provided by the trade in virtual currencies on the internet;
• the limited identification and verification of participants;
• the lack of clarity regarding the responsibility for AML/CFT compliance, supervision and enforcement for these transactions that are segmented across several countries;
• the lack of a central oversight body.
• The Company and its employees shall apply the following means to mitigate the above specific risks:
• the transactions of virtual currency trade and exchange shall be made using the customer’s bank account;
• the Company shall not engage in any transactions where a party to the transaction remains anonymous or the party cannot be sufficiently identified according to the present rules;
• upon each transaction whereby the value of the transaction exceeds 15 000 euros or an equal sum in another currency the Company shall require from customers evidence of the source of the virtual currency used by the customer in the transaction.
• The Company shall document the determination of the risk level, update it and make the data available to competent authorities, if necessary.
• Establishment of business relationships
• The terms of a long-term contract underlying a business relationship shall also be included in the general terms and conditions of the provision of services by the Company and/or in the general and/or other standard terms and conditions of a settlement contract or other contracts.
• The Company shall identify each customer upon establishment of a business relationship and upon making a transaction if the value of the transactions of the customer per year exceeds 15 000 EUR.
• The business relationships between Company and customers are regulated by contracts made in writing, in a form that can be reproduced in writing or electronically.
• The prerequisite for the establishment of a business relationship is an explicit and recorded certification by the customer that it will fulfil the conditions established by the Company for the establishment of the business relationship and execution of transactions.
• The internal procedures of the Company shall set out the terms and conditions on the basis of which the services to be used by the customer and the scope of the services will be determined. The Company shall make certain in advance that the services provided match the substance of the actual declarations of intent by the customer, are in accordance with the nature and purposes of the given contract and correspond to the risk level attributed to the customer.
• The rules of procedure regulating the establishment of a business relationship shall, in addition to provisions of law, contain the following:
• the procedure for introducing the prerequisites for the establishment of a business relationship, entry into long-term contracts and execution of transactions (including the procedure for recording the customer's declaration of intent and identification of the purpose of the business relationship and the transaction) by the Company;
• the requirement for receiving confirmation from the customer that the customer is aware of and has understood the duties and obligations established by the relevant conditions, including the request for information required for the establishment of the business relationship by and the form of submission of the information.
• Upon the establishment of a business relationship, the customer or its representative and the representative of the Company shall be in the same place. This means that a potential customer or its representative has a direct contact with the representative of the Company. A direct contact calls for direct communication between the representative of the Company and the customer for the purpose of assessing the compliance of the substance of the customer's declaration of intent and purpose with the customer's true will. Thereby it is possible to specify the customer's risk level more accurately with the help of what is experienced in the course of the direct contact. The contact may occur outside the principal place of business of the Company if, in the course thereof, at least the same customer due diligence measures are performed as in ordinary instances.
• In events provided by law the Company a business relationship may be established without a direct contact (i.e. without being in the same place as the customer), provided such procedure is formulated in the rules of procedure of the Company.
• The instances and procedure for the establishment of business relationships without direct contact shall be provided in respective procedural rules, including measures for subsequent customer due diligence measures and the management of related risks. The rules of procedure for the establishment of a business relationship without direct contact shall set out a procedure by applying which it is possible to ensure compliance with the conditions set out in the Money Laundering and Terrorist Financing Prevention Act. The rules of procedure shall set out at least the following:
• a code of conduct for accepting or executing payment instructions prior to the application of all the customer due diligence measures;
• a code of conduct in a situation where identification of the person and other information is performed using electronic means of identification;
• the code of conduct for a situation where the required customer due diligence measures cannot be applied (a person cannot be identified within the prescribed time limit), as a result of which the customer's declarations of intent cannot be accepted;
• a code of conduct in a situation where it is ensured that, in the event of the digital identification of an individual, international payments cannot be made in excess of and transaction-related and service-related sums do not exceed the limit of 15 000 euros per year; and
• a code of conduct for terminating a business relationship established without direct contact.
• Upon the establishment of a business relationship without direct contract, the following can be used upon verifying data submitted to identify a person:
• a notarised or certified copy of an identity document submitted in writing or electronically;
• electronic methods of identification, thereby verifying the validity of the electronic signature and certificate; and
• data collected by the Company and/or public databases for the purpose of verifying the personal identification code, registry code and data of the representatives of the company and the address. The Company may use other legible documents to identify a person, including certification by other credit institutions, notaries, foreign missions, public authorities and foreign business partners.
• For entry into a long-term contract with the Company, an appropriate attitude of the parties is presumed, as a result of which the Company shall set out constraints in their rules of procedure with the aim of avoiding unnecessary risks and ensuring the establishment of respective relationships at a suitable time and in a suitable place. In the event of business relationships established without direct contact, not only risks relating to a single transaction, but to all similar transactions and the service as a whole and their impact at the institutional level shall be taken into account.
• The purpose of application of customer due diligence measures is not merely the identification of the customer. Sufficient application of customer due diligence measures means a situation where, among other things, the customer's risk level is determined.
• In the event of extraordinary termination of a business relationship on grounds resulting from § 42 of the Money Laundering and Terrorist Financing Prevention Act, different time limits for provision of services (above all, restrictions on making transactions) and termination of a business relationship (long-term contract) may be established. In the event of extraordinary termination of a business relationship, the internal procedures of the Company shall set out a procedure for the subsequent use of the customer's assets (e.g. allowing for a payment to be made to the account of a credit institution in another contracting state of the European Economic Area or in an equivalent third country). No disbursements in cash are allowed.
• Customer Due diligence measures
• Customer due diligence measures shall also be applied in the event of suspicion of money laundering or terrorist financing or if the Company has doubts about the correctness of the documents or other data submitted by a customer, i.e. when circumstances differing from ordinary behaviour and referring to the existence of risk factors of impact become evident in a customer's actions. Customer due diligence measures shall also be applied in a situation where it is reasonable to presume that it may
constitute money laundering or terrorist financing or where the Company is not convinced of the sufficiency of the applied measures. The list of customer due diligence measures set out in the Money Laundering and Terrorist Financing Prevention Act contains the minimum criteria and is imperative. The
Company shall also take other customer due diligence measures that have not been provided by law, given the customer's field or region of activity as well as the characteristics of the transaction and related risks.
• The Company shall, in addition to the customer due diligence measures provided by law, comprehensively evaluate the substance and purpose of the customer's transactions and actions, relying on the universally recognised professional skills characteristic of credit institutions and financial institutions to identify a possible link between a transaction, step or funds and money laundering or terrorist financing.
• The Company has sufficiently applied the customer due diligence measures for the purposes of subsection 1 of § 20 of the Money Laundering and Terrorist Financing Prevention Act if it is convinced that it has sufficiently applied the obligation arising from the aforementioned provision. The principle of reasonableness is taken into account upon assessing conviction.
• Customer identification
• The Know-Your-Customer (KYP) principle shall be followed upon customer identification. This principle means that the operating profile, purpose of operation, beneficial owner of the person as a potential customer and, if necessary, the source and origin of the funds used in the transactions and other similar information essential for the establishment of a business relationship shall be identified in addition to the person. Upon making transactions, the customer shall be identified and the compliance of transactions shall be assessed based on the customer's main fields of activity and prior payment behaviour.
• In line with the risk-based approach, the Company shall choose, among other things, the suitable scope of the KYC principle.
• The Company shall identify the customer and the beneficial owner within a reasonable period of time prior to the commencement of the steps for entry into a long-term contract or while entering into the contract. A person participating in the transaction shall be identified prior to the commencement of the steps for entry into the long-term contract or while entering into the contract.
• Any information and documents concerning establishment of identity shall be preserved in a manner making it possible to respond fully and without unreasonable delay to relevant enquiries from the FIU, investigating body, court or supervision authority. To this end, the Company shall set up a system enabling, in view of the characteristics of its activities, the prompt retrieval from databases and documents of the required information or document concerning identification of the customer or person participating in the transaction.
• Identification and verification of persons upon the establishment of a business relationship are mandatory in the event of the use of any and all financial services, regardless of whether a longterm contract is entered into with the person participating in the transaction or not, thereby taking into account the exceptions arising from the Money Laundering and Terrorist Financing Prevention Act.
• General requirements regarding identification of individual upon establishment of business relationship
• The establishment and verification of the identity of an individual (a natural person) shall be carried out, as a general rule, in one step on the basis of an identity document. The address, operating profile, profession and field of activity, purpose and characteristics of establishment of a business
relationship, beneficial owner (if necessary) and other similar information essential for the establishment of a business relationship shall be identified in addition to identifying the person.
• The Company must identify a person and verify data with the help of information technology means where a business relationship is established with an e-resident or a person from a country
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