Financial activity, with the evolution and growth of information technologies, faces the challenge of financial crimes, abuse of financial systems, as well as money laundering and the financing of terrorism activities. This poses a threat to public and private sectors, including to the financial institutions.
Money laundering and the financing of terrorism are different events. Money laundering is the process by which the income of crime are processed (‘washed‘) through the financial system with the aim to erase their illegal origin. In the case of financing of terrorism, funds from legal sources are used to commit terrorist acts. Both money laundering and the financing of terrorism need to be prevented in order to be fought.
Therefore, aware of the importance of the fight against money laundering and the financing of terrorism financing, Golden Monarque, complying with the legal and regulatory requirements, has approved an Internal Policy on Prevention of Money Laundering and of the Financing of Terrorism (AML/FT).
Golden Monarque has also in place preventive anti-fraud measures, namely in order to protect its information system from undue actions.
Below you may find Golden Monarque’s key measures on AML/FT:
- Sound Know-Your-Customer Process
The investors and counterparties acceptance rules, in place at Golden Monarque, define and clarify the factors and the criteria to be considered in the risk assessment of an investor or a counterparty with whom Golden Monaque will establish a business relationship.
The Know-Your-Customer process applied by Golden Monarque is done with the purpose to secure the highest level of transparency on its business relationships.
Golden Monarque Know-Your-Customer process ensures that the identification of the investor is truly done and includes measures guaranteeing the veracity and the authenticity of the documentation provided by the investor’s and the counterpart’s. These measures also include the determination of beneficial ownership, as well as the origin of the funds.
All the information received from the investors and the counterparties is treated confidentially.
Golden Monarque also applies enhanced due diligence for investors and counterparties where there is an increased risk of money laundering and financing of terrorism.
Golden Monarque is continuously improving its Know-Your-Customer processes, not only in the beginning of the business relationship but also afterwards.
- An independent compliance officer
Golden Monarque has appointed an internal compliance officer responsible for ensuring compliance with internal, legal and regulatory requirements, as well as for providing guidelines to the management on AML/FT issues.
Additionally Golden Monarque takes extensive precautions so that investors and employees do not become a victim of or a part of fraudulent acts.
- A whistleblowing processes in place
As Golden Monarque is committed with integrity and the compliance with the Law and Regulations, employees, investor’s, collaborators and third parties may anonymous report (whistleblowing) to Golden Monarque any unlawful or suspected fraudulent conduct.