AML & KYC Policy
1. Purpose and Scope
• The purpose of this policy is to ensure compliance with applicable anti-money laundering (AML) and know your customer (KYC) regulations, and to prevent FREEBNK HOLDINGS LIMITED from being used for any illegal activity.
2. Customer Identification Program
FREEBNK HOLDINGS LIMITED will implement a customer identification program (CIP) to verify the identity of each customer.
• The CIP will include collecting and verifying customer identification information, such as name, date of birth, address, and government-issued identification.
• The CIP will also include ongoing monitoring of customer transactions to identify any unusual activity.
• The CIP will also include Liveness Detection (Prooface) the purpose of Prooface is to ensure that an applicant is a real person (not a paper mask, a photo, a doll or something similar), not a duplicate and the holder of the account and documents which have been uploaded to the applicant profile
3. Risk Assessment
FREEBNK HOLDINGS LIMITED will assess the level of risk posed by each customer based on factors such as transaction volume, location, and source of funds.
• Customers identified as high-risk will undergo enhanced due diligence.
4. Enhanced Due Diligence
FREEBNK HOLDINGS LIMITED perform EDD for customers who are deemed high-risk, such as politically exposed persons (PEPs) or those from high-risk countries. The EDD will include collecting additional information such as the customer’s occupation, income, and business activities. We will also conduct ongoing monitoring of high-risk customers to ensure that any changes in their circumstances are identified and reviewed
5. Transaction Monitoring
FREEBNK HOLDINGS LIMITED will monitor customer transactions for any suspicious activity, such as large or unusual transactions.
• Any suspicious activity will be reported to the appropriate authorities.
6. Compliance Reporting
FREEBNK HOLDINGS LIMITED will file any necessary reports with relevant authorities in the event of suspicious activity or transactions.
7. Employee Training
FREEBNK HOLDINGS LIMITED employees will be trained on this policy and procedures to ensure compliance.
• Training will be conducted periodically to ensure continued compliance.
8. Review and Updates
• This policy will be reviewed periodically and updated as necessary to ensure continued compliance with applicable regulations.
By adopting and adhering to this policy, FREEBNK HOLDINGS LIMITED will maintain compliance with AML/KYC regulations, prevent our business from being used for illegal activity, and maintain trust with our customers and regulators.