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KYC and AML Policy

KYC and AML Policy

Introduction:

Tradease Ltd (“the Company”) the owner and operator of DiamondsGemstones.com is committed to maintaining the highest standards of integrity and compliance with legal and regulatory requirements. This Know Your Customer (KYC) and Anti-Money Laundering (AML) Policy outlines the procedures and measures implemented by the Company to prevent and detect any potential money laundering or terrorist financing activities on DiamondsGemstones.com.

Definitions:

Money laundering is the process of concealing the origins of illegally obtained money.

Terrorist financing is the provision of funds or other assets to individuals or groups involved in terrorism.

Know-your-customer (KYC) is a set of procedures used to verify the identity of a customer, user or partner.

Anti-money laundering (AML) is a set of laws and regulations designed to prevent money laundering and terrorist financing.

Purpose of the Policy:

The purpose of this policy is to establish a framework for verifying the identity of customers, users and partners and to ensure compliance with applicable KYC and AML laws and regulations.

This policy will help Tradease Ltd to:

  • Identify and assess the risks of money laundering and terrorist financing.
  • Mitigate the risks of money laundering and terrorist financing.
  • Comply with all applicable KYC and AML regulations.

Scope of the Policy:

This policy applies to all Tradease Ltd employees, agents, representatives and contractors. It also applies to all Tradease Ltd customers, users, and partners and all users engaging in financial transactions on DiamondsGemstones.com.

KYC Procedures:

Tradease Ltd will apply KYC procedures to all customers, users, and partners. These procedures will vary depending on the risk that the customer, user, or partner poses.

For low-risk customers, users, and partners, Tradease Ltd may only require basic verification of identity, such as name and address. For high-risk customers, users, and partners, Tradease Ltd may require more rigorous verification, such as proof of identity and address, and source of funds.

AML Procedures:

Tradease Ltd will monitor all transactions for signs of money laundering or terrorist financing. If Tradease Ltd suspects that a transaction is suspicious, it will investigate the transaction and report it to the relevant authorities.

Customer Due Diligence (CDD):

To mitigate the risk of money laundering and other financial crimes, Tradease Ltd will perform customer, user and partner due diligence before allowing users to engage in financial transactions. This includes:

  • Collecting and verifying the identity of customers, users and partners through reliable and independent documents, data, or information.
  • Understanding the nature and purpose of the business relationship.

Enhanced Due Diligence (EDD):

In cases where a higher risk of money laundering or terrorist financing is identified, Tradease Ltd may conduct enhanced due diligence measures. This may include obtaining additional information about the customer, user or partners source of funds, and the purpose of the transaction.

Ongoing Monitoring:

Tradease Ltd will conduct ongoing monitoring of customer transactions to identify any unusual or suspicious activities. Customers, users and partners are encouraged to report any changes in their profile information or business activities promptly.

Reporting Obligations:

If Tradease Ltd becomes aware of any suspicious transactions or activities, it will promptly report such findings to the relevant authorities in accordance with applicable laws and regulations.

Record Keeping:

Tradease Ltd will maintain accurate records of customers, userand partners identification and transactional data for a period specified by law. These records will be made available to regulatory authorities upon request.

Staff Training:

All Tradease Ltd employees involved in customer, user or partner onboarding, transaction monitoring and reporting will receive training on KYC and AML procedures to ensure compliance with this policy. The training will cover the following topics:

  • The KYC and AML regulations that apply to Tradease Ltd.
  • The risks of money laundering and terrorist financing.
  • The procedures for identifying and assessing suspicious transactions.
  • The procedures for reporting suspicious transactions to the authorities.

Privacy and Data Security:

Tradease Ltd  will handle customer, user and partner information with the utmost confidentiality and implement robust data security measures to protect against unauthorized access or disclosure.

Policy Review:

This KYC and AML Policy will be reviewed by Tradease Ltd periodically to ensure its effectiveness and compliance with any changes in laws or regulations.

Compliance:

Tradease Ltd will conduct regular internal audits to ensure that it is complying with all applicable KYC and AML regulations. Tradease Ltd will also report any breaches of KYC orAML procedures to the relevant authorities.

Contact Information:

If you have any queries related to this KYC and AML Policy, you can contact Tradease Ltd in writing via our website Contact Form, or by Post to the following address:

Tradease Ltd, 86-90 Paul Street, London, England, EC2A 4NE, United Kingdom.

This KYC and AML Policy was last updated: 09-October-2024