AML & KYC Compliance Policy
1. Introduction
At Bowley Farms, we are committed to adhering to the highest standards of Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance. This policy outlines our procedures for identifying, assessing, and mitigating the risks associated with money laundering, terrorist financing, and other financial crimes. Our aim is to ensure the safety and integrity of our financial system, protect our clients, and comply with applicable laws and regulations.
2. Know Your Customer (KYC) Policy
- Identification and Verification: All clients must complete a KYC process before engaging in any transactions. This involves submitting valid identification documents (e.g., passport, driver’s license, or government-issued ID) and proof of address (e.g., utility bill, bank statement).
- Ongoing Monitoring: We continuously monitor transactions to detect any unusual or suspicious activity. Regular reviews of client information are conducted to ensure accuracy and compliance.
- Enhanced Due Diligence (EDD): For higher-risk clients or transactions, we apply enhanced due diligence measures, which may include additional verification steps and more frequent monitoring.
3. Anti-Money Laundering (AML) Policy
- Risk Assessment: We assess the risk of money laundering and terrorist financing through comprehensive risk assessments of our business operations, customers, and transactions.
- Transaction Monitoring: All transactions are monitored for suspicious activity, including unusual transaction sizes, patterns, and origins. Suspicious activities are reported to relevant authorities as required by law.
- Record Keeping: We maintain accurate records of all transactions, customer interactions, and compliance activities for a minimum of five years, in accordance with legal requirements.
- Reporting Obligations: We comply with all legal obligations to report suspicious transactions to the appropriate regulatory authorities.
4. Customer Obligations
- Accurate Information: Clients must provide accurate and complete information during the KYC process. Any changes to this information must be promptly reported to us.
- Compliance with Laws: Clients must comply with all relevant laws and regulations, including those related to AML and KYC.
- Cooperation: Clients are required to cooperate with any AML or KYC procedures, including providing additional documentation or information as needed.
5. Consequences of Non-Compliance
Failure to comply with our AML & KYC policies may result in the suspension or termination of services, account closure, and the reporting of suspicious activities to relevant authorities.
6. Updates to This Policy
We reserve the right to update this policy at any time to reflect changes in legal requirements or our business practices. Clients will be notified of any significant changes.