Anti-Money Laundering (AML) and Know Your Customer (KYC) / Customer Due Diligence (CDD) Policy
GAC Arrival Cards
At GAC Arrival Cards, we are dedicated to promoting a secure and transparent business environment. In compliance with international and local regulations, we have implemented a comprehensive Anti-Money Laundering (AML) and Know Your Customer (KYC) / Customer Due Diligence (CDD) policy to prevent illegal activities, including money laundering and the financing of terrorism.
1. Policy Overview
Our AML and KYC/CDD policy is designed to detect and prevent any misuse of our services for illegal purposes. This policy outlines the procedures and controls we employ to ensure that we operate in compliance with applicable laws and maintain the integrity of our business operations.
2. Know Your Customer (KYC)
GAC Arrival Cards implements KYC procedures to verify the identity of all clients before establishing business relationships. We require customers to provide valid identification and, where necessary, additional documentation to ensure the legitimacy of the individual or entity.
KYC procedures involve:
- Identity Verification: Collecting and verifying personal information such as name, date of birth, address, and official identification documents (passport, driver’s license, etc.).
- Beneficial Ownership: For corporate clients, we verify the identities of the company’s beneficial owners to ensure transparency.
- Risk Assessment: Customers are categorized based on risk levels, and enhanced due diligence is applied to those deemed high risk.
3. Customer Due Diligence (CDD)
We perform CDD measures to gather and verify customer information to understand the nature and purpose of the business relationship. This ensures that customers are acting on legitimate intentions and funds.
Key aspects of CDD include:
- Ongoing Monitoring: Continuous monitoring of transactions to ensure they are consistent with the customer’s risk profile and business activities.
- Enhanced Due Diligence (EDD): For high-risk customers, we perform additional checks and request further documentation to mitigate any potential risks.
- Transaction Screening: Monitoring for unusual or suspicious activity, particularly large, complex, or cross-border transactions.
4. Anti-Money Laundering (AML) Procedures
Our AML policy ensures that any attempt to misuse GAC Arrival Cards for money laundering or illicit activities is detected and reported. The steps include:
- Transaction Monitoring: Regular monitoring of transactions to identify suspicious patterns or activities that may indicate money laundering.
- Reporting Suspicious Activities: Any suspicious transactions or activities will be reported to the relevant authorities, including Financial Intelligence Units (FIUs) or other regulatory bodies.
- Record Keeping: We maintain detailed records of customer information, transaction data, and KYC documentation for at least five years to assist in AML investigations.
5. Risk-Based Approach
GAC Arrival Cards adopts a risk-based approach in applying KYC and AML measures. Higher levels of scrutiny are applied to customers, transactions, or jurisdictions that pose higher risks, while simplified procedures may apply to lower-risk customers.
6. Staff Training
All employees at GAC Arrival Cards receive regular training on AML, KYC, and CDD procedures to ensure they are equipped to identify and address potential risks. This includes understanding how to recognize suspicious activities and report them appropriately.
7. Compliance with Regulations
We adhere to all AML and KYC/CDD regulations applicable in the jurisdictions where we operate. GAC Arrival Cards works closely with regulatory bodies to ensure full compliance with local and international standards.
8. Policy Review and Updates
This AML and KYC/CDD policy is regularly reviewed and updated to remain in line with the latest regulatory requirements and best practices in the industry.