1. What’s the purpose of this Policy?
According to the FATF report “Money Laundering and Terrorist Financing Vulnerabilities of Legal Professionals” increasingly, law enforcement sees money launderers seeking the advice or services of specialized professionals to help them with their illicit financial operations.
Financial Action Task Force typologies have confirmed that criminals in many countries are making use of mechanisms that involve services frequently provided by legal professionals, for the purpose of laundering money. A particular challenge for researching money laundering/terrorist financing methods that may involve legal professionals is that many of the services sought by criminals for the purposes of money laundering are services used every day by clients with legitimate means.
The involvement of the legal professional is sought because the services they offer are essential to the specific transaction being undertaken and because legal professionals add respectability to the transaction.
At Manimama OU we believe that legal professionals are required to adhere to strict ethical, professional, and legislative rules and this fact should therefore be a sufficient deterrent to money laundering or terrorist financing occurring in or through the legal sector.
Thus Manimama OU created this Money Laundering Compliance Policy (“Policy”) to ensure compliance with AML rules and to deter using our services in money laundering/terrorist financing schemes.
2. What is customer due diligence?
Customer Due Diligence Measures include:
- identifying the customer,
- identifying the persons acting on behalf of the customer,
- the ultimate beneficiaries of the customer,
- performing a risk analysis for the customer, and
- monitoring the customer during the provision of the services.
We also reserve the right to determine the origin of the customer’s assets.
For customer identification purposes, we use the services of our trusted partner Sum and Substance Ltd (SumSub). SumSab collects and stores your data on our behalf. To learn more about the storage of your data, please refer to SumSub’s privacy policy as well as our privacy policy.
3. Data we might ask from individuals
We reserve the right to ask you to provide the following data:
- contact data and identification data (passport data; personal number; email and phone number; full permanent address);
- employment status information;
- source of wealth and source of funds confirmation;
- bank data, including bank account holder name, bank account number (IBAN), bank name, bank SWIFT.
In most cases, we will ask you to provide documents supporting the above information. For example, we may ask you to take a high-quality color photo of your passport, provide a utility bill to verify your address, and pass a liveness check.
We may also ask you to provide documents and information not listed in this Policy if we believe that this information is necessary for CDD procedure and compliance with the requirements of the AML legislation.
You have the right not to provide us with your data, but in this case, we will have to refuse to provide you with our services. If we suspect that you have provided us with incorrect or forged information/documents, we will have to refuse to provide services to you.
Please note that all information you provide to us must be true and correct and contain a full and complete explanation of the information requested.
We also reserve the right to file relevant information to law enforcement authorities if we suspect you in money laundering/terrorist financing or other illegal activities.
4. Data we might ask from legal entities?
We reserve the right to ask the legal entity’s official representative to provide the following data:
- company contact data (registration and business address; official email; phone number; website);
- company identification data (full name of company, legal form, date of incorporation, company number, country of incorporation, country of taxation, business description);
- company’s official representative details (full name; position (within the legal entity); phone number and email; full permanent address);
- bank details (if any) (bank account holder name, bank account number, bank name, bank SWIFT);
- corporate structure details, including shareholders and beneficial owners details.
In most cases, we will ask you to provide documents supporting the above information. For example, we may ask you to provide us with a (i) memorandum of association, (ii) most recent articles of association/by-laws, (iii) certificate of good standing (not older than 12 months), (iv) certificate of shareholders, (v) certificate of directors; (vi) bank statement; (vii) business plan (if applicable); (viii) a copy of the annual financial statement or audited accounts (if applicable); (ix) supporting documentation of the source of funds.
Shareholder/beneficial owners and legal entity official representatives will be verified as individuals.
We may also ask you to provide documents and information not listed in this Policy if we believe that this information is necessary for CDD procedure and compliance with the requirements of the AML legislation.
You have the right not to provide us with your data, but in this case, we will have to refuse to provide you with our services. If we suspect that you have provided us with incorrect or forged information/documents, we will have to refuse to provide services to you.
Please note that all information you provide to us must be true and correct and contain a full and complete explanation of the information requested.
We also reserve the right to file relevant information to law enforcement authorities if we suspect you in money laundering/terrorist financing or other illegal activities.
5. What kind of customers do we not serve?
We do not provide our services to the following customers:
- customers who fail or refuse to submit, the requested data and information for the verification of their identity;
- shell bank;
- customers from the jurisdictions which are being banned by our internal policies or international sanctions;
- customers suspected by us of money laundering or terrorist financing;
- politically exposed persons and their close associates;
- any other that we consider risky to our business or suspicious in regards to Money Laundering and Terrorist Financing.
We also will not accept as customers, persons or entitled from the following countries: Afghanistan, Angola, Algeria, Bahamas, Bangladesh, Bolivia, Botswana, Burma (Myanmar), Burundi, Cambodia, Chad, Gvineja, Côte D’ivoire, Crimea (Ukraine region), Cuba, Democratic People’s Republic of Korea, Egypt, Equatorial Guinea, Eritrea, Ghana, Guinea Bissau, Guyana, Iceland, Iran, Iraq, Haiti, Lao PDR, Lebanon, Libya, Mali, Mongolia, Morocco, Myanmar, Nepal, Nicaragua, North Macedonia, Pakistan, Panama, Russia, Qatar, Saudi Arabia, Somalia, South Sudan, Sudan, Syria, Trinidad and Tobago, Uganda, United States, Vanuatu, Venezuela, Yemen, Zimbabwe, Donetsk People’s Republic (DPR)/Luhansk People’s Republic (LPR), Pridnestrovian Moldavian Republic, Nagorno-Karabakh Republic, Republic of Abkhazia, Republic of Somaliland, Republic of South Ossetia, Turkish Republic of Northern Cyprus, Republic of China (Taiwan), Sahrawi Arab Democratic Republic, Republic of Artsakh; and other countries and jurisdictions, where these services can not be provided by legislation countries.
6. How long do we keep your data?
Customers’ data gathered during the CDD process will be saved separately from other data and retained within the provision of our services to you and 5 years after our business relationship with you is over.
7. To whom can we share your data?
We cooperate with supervisory and law enforcement authorities in preventing money laundering and terrorist financing, thereby communicating information available to us and replying to queries within a reasonable time, following the duties, obligations, and restrictions arising from legislation. For any relevant requests please contact us at support@manimama.eu