Anti-Money Laundering (AML) Policy for
World Market Connect Ltd
Purpose: The purpose of this Anti-Money Laundering (AML) policy is to establish
a framework to detect, prevent, and report any potential money laundering
activities within World Market Connect Ltd, a multi-vendor e-commerce platform.
This policy outlines the procedures for identifying and mitigating money
laundering risks, ensuring compliance with legal and regulatory requirements.
Scope: This policy applies to all employees, vendors, customers, and third
parties involved in transactions with World Market Connect Ltd.
AML Procedures
1. Customer and Vendor Due Diligence
To prevent money laundering, World Market Connect Ltd requires thorough
due diligence for all customers and vendors, including:
For Individual Customers and Vendors:
- Full Name
- Date of Birth
- Nationality
- Residential
Address
- Contact
Information (Phone Number and Email)
- Government-issued
Photo ID (e.g., Passport, National ID, Driver’s License)
- Proof of
Address (e.g., Utility Bill, Bank Statement, Lease Agreement)
For Business Entities (Vendor Accounts):
- Business Name
- Registration
Number
- Country of
Incorporation
- Registered
Business Address
- Contact
Information (Phone Number and Email)
- Government-issued
Business Registration Certificate
- Details of
Directors/Owners (including Full Name, Nationality, and Contact
Information)
- Proof of
Address for Business Premises
- VAT or Tax
Identification Number
2. Verification and Monitoring
The verification process includes:
- Collecting and
verifying required documentation.
- Cross-referencing
information against public databases and records.
- Conducting
checks against international sanctions lists and watchlists.
Ongoing monitoring involves:
- Regularly
reviewing and updating customer and vendor information.
- Monitoring
transactions for suspicious or unusual activity.
- Implementing
transaction monitoring systems to flag potential money laundering
activities.
3. Risk Assessment
World Market Connect Ltd will classify customers and vendors into
different risk categories (low, medium, high) based on factors such as:
- Nature and
purpose of the business relationship.
- Type of
products or services offered.
- Geographic
location and associated risks.
- Transaction
patterns and volumes.
Higher-risk customers and vendors will be subject to enhanced due
diligence measures, including more frequent reviews and additional
documentation.
4. Reporting Suspicious Activity
Employees must report any suspicious activity to the Compliance Officer.
Suspicious activity may include, but is not limited to:
- Transactions
that are inconsistent with the customer's known legitimate business.
- Unusually large
or complex transactions.
- Transactions
involving countries with high money laundering risk.
The Compliance Officer will review and, if necessary, report suspicious
activities to the relevant authorities in accordance with legal requirements.
5. Record Keeping
World Market Connect Ltd will maintain accurate and up-to-date records of
all AML activities, including:
- Customer and
vendor identification documents.
- Transaction
records.
- Reports of
suspicious activity.
Records will be stored securely and retained for a minimum period of five
years following the termination of the business relationship.
6. Employee Training
World Market Connect Ltd will provide regular training to employees on
AML policies, procedures, and regulatory requirements. Training will cover:
- Identifying and
reporting suspicious activities.
- Understanding
the AML framework and compliance obligations.
- Recognizing
money laundering schemes and techniques.
Responsibilities
Compliance Officer:
- Oversee the
implementation of the AML policy.
- Ensure
compliance with legal and regulatory requirements.
- Conduct regular
audits and reviews of AML procedures.
- Report
suspicious activities to authorities.
Employees:
- Conduct due
diligence and verification for customers and vendors.
- Monitor
transactions and report suspicious activities.
- Maintain
accurate records and comply with AML procedures.
Conclusion
World Market Connect Ltd is committed to maintaining the highest
standards of integrity and security in our operations. By implementing this AML
policy, we aim to protect our platform from money laundering activities, ensure
compliance with legal requirements, and foster a secure and trustworthy online
marketplace.
Approved by: World Market Connect Ltd
Contact Information: World Market Connect Ltd
CHIC Building 029
+250789723974
worldmarketconnect1@gmail.com
