Anti-Money Laundering Policy
Anti-Money Laundering (AML) Policy document of Balanced Build LTD.
Balanced Build LTD is committed to high standards of anti-money laundering/counter terrorist financing (AML/CTF) and requires all Waya Clients (Merchants & Partners), management and employees to adhere to these standards in order to prevent the use of Waya's products and services for money laundering/terrorist financing purposes. Implemented AML/CTF compliance program comprises written policies, procedures, internal controls and systems including but not limited to:
Information we collect
The identification of potential AML/CTF risks relevant to each Balanced Build LTD activities.
Global and local AML/CTF policies and procedures to ensure compliance with AML laws and regulations.
Customer identification and verification (including beneficial owners).
Rules regarding transactions of Politically Exposed Persons (PEPs).
Enhanced due diligence of increased risk clients.
Internal procedures for monitoring and reporting suspicious activities of the Balanced Build LTD customers.
Customer screening against global list of terrorists and specially designated nationalities, relevant financial and other sanctions lists.
Maintenance of relevant records.
Regular staff training and awareness raising.
Management of regulatory inquiries and incidents.
Coordinating day-to-day compliance by responsible compliance staff.
Standards set out in the internal AML/CTF policy are based on applicable legal and regulatory requirements to prevent Balanced Build LTD and its clients from money laundering, terrorist financing or other fraudulent activities.
Balanced Build LTD conducts its business in compliance with the following general principles:
Know your client and customer identification procedures
KYC procedures include the following key elements: customer identification, customer acceptance policy, risk management and permanent monitoring of high risk clients' accounts. Prior to executing any type of business, Balanced Build LTD determines and documents the true identity of customers and obtains information about the purpose and real nature of the business.
Balanced Build LTD obtains and documents any additional information, appropriate to the assessment of the money laundering risk with a risk-sensitive approach.
KYC procedures are always complied with when customers open accounts and establish a new business relationship. Balanced Build LTD AML/CTF and KYC procedures are conducted on a risk-based approach. Consequently, opening anonymous accounts to access or use Balanced Build LTD services are not allowed.
Balanced Build LTD is also developing an automated controlling system in place whereby it can constantly monitor private individuals and legal entities against global watch lists.
Correspondent relationship with banks, financial service companies and or fintech companies
Balanced Build LTD does not have correspondent relations with "shell with Banks/ Financial Service Companies/ Fintech Companies "
Balanced Build LTD always determines the reputation of correspondent institutions, including whether they have been subject to money laundering or terrorist financing investigations or other regulatory actions/sanctions.
Monitoring and reporting of suspicious transactions and activies
In accordance with the requirements of the laws of the UK on Facilitating the Prevention of Illicit Income Legalization, Balanced Build LTD implements and maintains measures for handling suspicious transactions. Balanced Build LTD considers indications that a customer's money originated from unlawful activities or other money laundering activities and will report all identified instances of suspicious activities to the relevant authorities.
Balanced Build LTD avoids providing support or assistance to parties seeking to deceive law enforcement authorities through the provision of false, altered, incomplete or missing information.
Accordingly, all Balanced Build LTD staff are diligent in monitoring of any unusual or suspicious transactions/activities based on the relevant applicable criteria.
Record and document keeping
Records of all documents obtained for the purpose of identification and all transaction data, as well as other documents are kept electronically for at least 15 years.