NETZ AML policy
- OBJECTIVE OF THE AML POLICY
- NETZ (the Company) staff is committed to pursue the highest standards of AML/CFT, Know Your Client (KYC), and Know Your Business (KYB) to mitigate the risk of NETZ services being used to facilitate financial crimes.
- The Company has implemented the AML/CFT Policy to ensure that all the necessary procedures are taken in order to achieve full compliance.
- The analysis of the risks identified above indicates that the Company's activities as an VASP, and currency exchange institution are by their nature highly exposed to the risk of being used for Money Laundering or Terrorist Financing. The Company implements adequate organizational and technical solutions to reduce the risk.
- AML POLICY
- AML Policy is the procedure to prevent the Company’s services from being used for purposes of money laundering, terrorist financing or any other criminal activity. KYC/KYB measures are part of the AML Policy. The objective of KYC/KYB measures is to enable the Company to know their Clients and be able to mitigate the above mentioned risks. The Company may update such procedures in the future to assure the compliance with best & updated AML practice.
- MEASURES RELATED TO KYC/KYB AND SCREENING
- The Company shall identify the Clients i.e. legal entities or individuals. All users must finish the verification procedure and provide all required information.
- The individuals shall provide the company following documents for the identification:
- Any government-issued document i.e. National ID, Driving Licence or Passport.
- Proof of address
- The entity shall provide the Company with following valid documents to serve as the basis for identification:
- A high-resolution copy of the certificate of incorporation (an extract from the Commercial Register or equivalent document, evidencing the registration of the corporate customer);
- Names and addresses of all directors and beneficial owners of the corporate entity.
- The Company shall identify the beneficial owners (UBOs) and, for the purpose of verifying their identities, taking measures to the extent that allows the Company to make certain that it knows who the beneficial owners are, and understands the ownership and control structure of the corporate customer, or of the person participating in the transaction. A representative of the entity must submit a document certifying his/her powers, which has been authenticated by a public notary and/or legalized and/or certified with an apostille unless otherwise provided for in an international agreement.
- All the information and documents provided by the clients shall be completely clear and readable.
- Users should agree to provide additional information and documents at the request of the Company within a reasonable period of time.
- The Company reserves the right to impose additional due diligence requirements to accept the client residing in certain high-risk countries according to the FATF list.
- In case of any suspicious activity, false documents, or non-cooperation by the clients within the due diligence process, the Company is obligated to reject the client documents, close any existing accounts, and terminate the business relationship.
- MONITORING
- In addition to gathering information from the clients, the Company may continue to monitor information on the client.
- SANCTIONS POLICY
- NETZ is prohibited from transacting with companies and countries that are on prescribed sanctions lists. The Company will therefore screen its clients against international sanction lists on a periodical basis.
