AML Policy - Flyfundz
Anti-Money Laundering (AML) Policy for FlyFundz Investments LLC
Introduction:
FlyFundz Investments LLC has established an AML Policy, which outlines the actions, procedures, and controls in place to prevent and detect money laundering, terrorist financing, and illicit activities within the cryptocurrency investment sector. The company is dedicated to adhering to all relevant laws and regulations pertaining to AML and will take appropriate measures to mitigate financial crime risks.
Policy Statement:
FlyFundz Investments LLC is committed to maintaining a robust AML program that encompasses thorough due diligence processes, risk assessment, customer identification, transaction monitoring, reporting of suspicious activities, and continuous training. This policy applies to all individuals involved in FlyFundz Investments LLC’s operations, including employees, contractors, and stakeholders.
Risk Assessment:
FlyFundz Investments LLC will conduct a comprehensive risk evaluation to identify and comprehend potential money laundering and terrorist financing risks associated with its operations, clients, services, and geographical areas. The risk assessment will be regularly reviewed and updated for relevance.
Customer Due Diligence (CDD):
- Customer Identification: FlyFundz Investments LLC will verify the identity of all clients through reliable and independent sources, with enhanced due diligence (EDD) applied to high-risk clients.
- Beneficial Ownership: FlyFundz Investments LLC will identify and authenticate the beneficial owners of legal entities, trusts, and complex structures.
Transaction Monitoring:
FlyFundz Investments LLC has implemented a system that includes AMLBOT to scrutinize transactions for unusual or suspicious activities. Thresholds for monitoring will be established, and alerts will be assessed by designated personnel. If a deposit is found to have originated from sources such as Dark Market, Dark Services, Illegal Services, Stolen, Gambling, or Scam, FlyFundz Investments LLC reserves the right to withhold the funds with a 10% penalty within a 30-day period. Tags for reference: Darknet Marketplace, Darknet Service, Illegal Service, Scam, Stolen Coins, Terrorism financing, Child exploitation, Enforcement Action, Exchange Fraudulent, Gambling, Mixer, Ransom, Sanctions.
Suspicious Activity Reporting:
Employees who suspect any transaction or activity to be associated with money laundering, terrorist financing, or other criminal activities must report it to the designated AML officer. The AML officer will assess the report and, if necessary, submit a Suspicious Activity Report (SAR) to relevant authorities.
Record Keeping:
FlyFundz Investments LLC will maintain accurate and current records of client identification, transaction history, expected persistence, and SARs, securely stored for the required duration as per regulations.
Employee Training:
All employees will undergo regular AML training to stay updated on AML regulations, criminal techniques, and company policies and procedures.
Compliance Officer:
FlyFundz Investments LLC will appoint a dedicated AML compliance officer responsible for overseeing policy implementation, conducting internal audits, and ensuring compliance with AML regulations.
Third-Party Relationships:
When entering into business relationships with third parties, FlyFundz Investments LLC will ensure adherence to AML standards and proper policies and procedures.
Sanctions Compliance:
FlyFundz Investments LLC will screen clients against relevant sanctions lists and comply with economic and trade sanctions imposed by applicable jurisdictions.
Continuous Improvement:
FlyFundz Investments LLC will regularly review and update its AML policy to adapt to regulatory changes, industry practices, and evolving cryptocurrency investment sector risks.
Communication and Reporting:
This policy will be communicated to all relevant stakeholders and reported to senior management and regulatory authorities as required.
Enforcement:
Non-compliance with this policy may result in disciplinary action, including termination of employment or contractual relationship, and legal consequences.
Rights Reserved:
FlyFundz Investments LLC reserves the right to refuse deposits, request additional information regarding the source of digital assets, block user accounts, cooperate with law enforcement, request identity documents, hold funds during investigations, and monitor transactions to identify suspicious activity.
List of Required and Supported Documents: During the verification process at Flyfundz, the following documents may be required:
- Government-issued International Passport
- Government-issued Identity Card
- Selfie with Identity Document
- Utility bill or Bank Statement (not older than three months, no modifications allowed)
Conclusion:
This AML Policy reflects FlyFundz’s commitment to combat financial crime in the cryptocurrency investment sector. Through these measures, FlyFundz Investments LLC aims to safeguard its reputation, integrity, and the financial system’s integrity as a whole.
FLYFUNDZ INVESTMENTS LLC 25/08/2023