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This Anti-Money Laundry Policy (hereinafter - the “Policy”) is designated to prevent and mitigate possible risks of SIMPLY LAB INC (hereinafter – the “Company”) being involved in any kind of illegal activity. SIMPLY LAB INC implements effective own internal procedures and instruments to prevent illegal transfer of assets, drug, human, organ and any other illegal trafficking, poaching, pornography, trade in arms, terrorism and crime financing, corruption and bribery, money laundering, and takes action in case of any form of suspicious activity of the Users.
2.1. The management board of the Company appoints a Compliance officer.
2.2. Only a person who has the relevant education, professional suitability, abilities, personal qualities, experience and impeccable reputation required for performance of the duties of a compliance officer may be appointed as a compliance officer.
2.3. Upon establishment of the compliance officer position, the compliance officer shall be made directly accountable to the management board of the Company and made as independent of business processes as possible. The Compliance officer’s independence from business processes does not mean that the officer is prohibited to advise or train colleagues for the purpose of ensuring the compliance of the actions of the executives and employees with the requirements of the money laundering and terrorist financing prevention laws.
2.4. The functions of the Compliance officer are as follows:
- organization of collection and analysis of information referring to unusual transactions or transactions suspected of money laundering or terrorist financing in the activities of the Company (collection of information means collection of any and all suspicious or unusual notices received from the employees, contractual partners and agents of the Company, and systemizing and analysis of the information contained in them);
- reporting to the governmental authority in the event of suspicion of money laundering or terrorist financing;
- periodic submission of written statements on implementation of the rules of procedure to the management board of the Company; and
- performance of other obligations related to the fulfilment of the requirements of the money laundering and terrorist financing prevention laws by the Company and training employees and applying respective control mechanisms).
2.5. The Compliance officer is authorized to create and manage a Compliance department of the Company. All persons including employees and contract providers are subordinates of the Compliance officer and report directly to the Compliance officer.
2.6. The Compliance department shall consist of the following persons: the lawyer, the chief User support officer, the person responsible for User Due Diligence.
2.7. The lawyer is responsible for monitoring legislation and making proposals for improving the regulatory framework and procedures, managing, realization and control of implementing the legislative requirements into the Company internal procedures.
2.8. The chief User support officer is obliged for providing monitoring of transactions and User and transactions risk assessment. The chief User support officer may create, lead and manage the structural subunit obliged to provide separate functions of the monitoring of transactions, risk assessment, other functions on the day-to- day base.
3.1. The Company is taking security measures and has adopted policies, practices and procedures that promote high ethical and professional standards and prevent the Company from being used, intentionally or unintentionally, by criminal elements to prevent the abuse of its technologies for the purpose of Money Laundering and Terrorist Financing.
3.2. In this aspect the measures are being considered with a risk based approach to ensure that the risk of money laundering and terrorist financing is appropriately considered and managed in the course of daily activities.
3.3. The Company has put in place Know Your Customer (KYC) mechanisms as an essential element for service, risk management and control procedures. Such mechanisms include:
- User acceptance policy – indicating the terms of accepting the Users according to their classification;
- User identification policy - identifying and assessing the Money Laundering and Terrorist Financing risks emanating from particular Users and types of Users, financial instruments, services, and geographical areas of operation of its Users;
- Ongoing monitoring of high-risk Users - continuous monitoring and improvements in the effective operation of the policies, procedures and controls.
- Risk management mechanism - managing and mitigating the assessed risks by the application of appropriate and effective measures, procedures and controls;
- Categorization of Users on a risk basis constitutes a core feature of services’ risk management and control procedures. The intensity of programs beyond these essential elements is tailored to the degree of risk.
3.4. The risk-based approach adopted by the Company involves the identification, recording and evaluation of the risks that have to be managed.
4.1. The Company shall classify Users into various risk categories and based on the risk perception decide on the acceptance criteria for each category of User. Where the User is a prospective User, an account must be approved only after the relevant pre-account opening due diligence and identification measures and procedures have been conducted, according to the principles and procedures set in Policy. No account shall be opened in anonymous or fictitious names.
4.2. The criteria for accepting new Users and categorization of Users based on their risk is described below. The Compliance Officer shall be responsible for categorizing Users in one of the following three (3) categories based on the criteria of each category set below:
4.3.1. The Simplified User Identification and Due Diligence Procedures for low risk Users shall be applied, and provided that there is a low risk or no suspicion for money laundering and terrorist financing.
4.4.1. The Users who do not fall under the ‘low risk Users’ or ‘high risk Users’ categories set in this Paragraph.
4.5.1. The following types of Users can be classified as High Risk Users with respect to the Money Laundering and Terrorist Financing risk which the Company faces:
- Users who are not physically present for identification purposes (non-face-to-face Users);
- Users whose own shares or those of their parent companies (if any) have been issued in bearer form;
- Users who are involved in electronic gambling/gaming activities through the internet;
- Users who provide any type of business defined in 4.6 of the Policy;
- Users from countries which inadequately apply FATF’s recommendations;
- Any other User according to the decision of the Company.
4.6.1. The following list predetermines the type of Users who are not acceptable for establishing a Business Relationship or an execution of an Occasional Transaction with the Company:
- Users who fail or refuse to submit, the requested data and information for the verification of his identity, without adequate justification;
- Shell Banks;
- Users from the jurisdictions which are being banned by internal policies from the company or international sanctions;
- Users who were identified as the persons subject to international sanction laws;
- Users who were identified as the persons subject to the UN Sanctions; EU Sanctions; Sanctions administered by the Office of Financial Sanctions Implementation ("OFSI-UK"), Sanctions administered by the Office of Foreign Assets Control ("OFAC-US");
- the Company suspects money laundering or terrorist financing;
- any other that the Company considers risky to its business or suspicious in regards to Money Laundering and Terrorist Financing;
- the Company is prohibited to establish a business relationship or make a transaction with a person of whose capital consists of bearer shares or other bearer securities to the extent of more than 10 per cent.
4.6.2. The Company will not accept as Users, persons or entitled from Afghanistan, Angola, Algeria, Bahamas, Bangladesh, Bolivia, Botswana, Burma (Myanmar), Burundi, Cambodia, Central African Republic, Chad, Congo, Conakry, Côte D’ivoire, Crimea (Ukraine region), Cuba, Democratic People’s Republic of Korea (DPRK), Ecuador, 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, Qatar, Saudi Arabia, Somalia, South Sudan, Sudan, Syria, Trinidad and Tobago, Tunisia, Uganda, United States, Vanuatu, Venezuela, Vietnam, Yemen, Zimbabwe and other countries and jurisdictions, where these services can not be provided by legislation countries.
5.1. The Company applies due diligence measures:
- upon establishment of a business relationship;
- upon making or mediating occasional transactions outside a business relationship where a cash payment of over 15,000 euros or an equal amount in another currency is made, regardless of whether the financial obligation is performed in the transaction in a lump sum or in several related payments over a period of up to one year, unless otherwise provided by law;
- upon verification of information gathered while applying due diligence measures or in the case of doubts as to the sufficiency or truthfulness of the documents or data gathered earlier while updating the relevant data;
- upon suspicion of money laundering or terrorist financing, regardless of any derogations, exceptions or limits provided in the legislation.
- Where the Company’s Policy requires an enhanced due diligence depending on the exceeding of a certain sum deposit, the due diligence measures must be applied as soon as the exceeding of the sum becomes known or, where the exceeding of the sum depends on the making of several linked payments, as soon as the sum is exceeded.
5.2. A Company must identify a person and verify data with using information technology means where the application of the due diligence measures in establishing a business relationship does not take place in the physical presence of the person and where: the User is from a non-EEA country or their place of residence or seat is in such a country, or the total amount of outgoing payments related to the transaction or service contract per calendar month exceeds 15,000 euros in the case of a User who is a natural person or 25,000 euros in the case of a User who is a legal person.
5.3. The Company reviews and monitors on a regular basis the validity and adequacy of User identification information in its possession.
5.4. If during the business relationship the User refuses or fails to submit all required documents and information, within reasonable time, the Company has the right to terminate the business relationship and close the User accounts of the User. The compliance department also examines whether to report the case to the competent authority.
6.1. The Company obtains all information necessary to establish to its full satisfaction the identity of each new User and the purpose and intended nature of the business relationship. The Company has categorized the Users as follows:
6.2. Category 1 (Low risk Users) - Simplified User Identification and Due Diligence.
6.2.1. The Company shall obtain the following information to ascertain the true identity of the natural persons: true name and/or names used as these are stated on the official identity card or passport; personal identification code or, if none, the date and place of birth and the place of residence or seat; full permanent address, including postal code; telephone (home and mobile) and fax numbers; e-mail address, if any; date and place of birth; nationality.
6.2.2. The User’s permanent address shall be verified by a recent (up to 3 months) one of the following documents: a utility bill, a local authority tax bill or a bank statement or any other document same with the aforesaid.
6.2.3. In addition to the above, the Company shall use PEP and Sanctions Screening concerning each natural person going through User identification and Due Diligence.
6.3. Category 2 (Normal Risk Users) - Enhanced User Identification and Due Diligence
6.3.1. For Users that fall within this Category the Enhanced Due Diligence shall be applied, where the Company may request the following additional information to the KYC Low Risk Users: about the User identification; about the planned substance of the business relationship; about the origin of the funds and wealth of the User and its beneficial owner; about the underlying reasons of planned or executed transactions; any other information in order to assist the Company to decide whether to establish or continue a business relationship.
6.4. Category 3 (High Risk Users) - Highly Enhanced User Identification and Due Diligence
6.4.1. The Company may demand that a User make a payment from an account held in the credit or financial institution of the EU. For the High-Risk Users, the Company ensures to gather the documents that are requested from Low and Normal risk Users, however they shall be in a certified true copy form or provide other additional documents, as the Company may see fit and reasonable.
6.4.2. If in doubt for the genuineness of any document (passport, national identity card or documentary evidence of address), the Company shall seek verification of identity with an Embassy or the Consulate of the issuing country or a reputable credit or financial institution situated in the User’s country of residence.
6.4.3. Further to the above, the Company shall request, depending on the circumstances and risk profile of the User, additional documents and a auto-portrait (‘Selfie’), phone call, video call, proofs of source of funds and supportive documents, notarization KYC documents, and apostilled documents.
7.1. Company searches, and other commercial enquiries to ensure that the applicant has not been or in the process of being dissolved, struck off, wound up or terminated.
7.2. Category 1 (Low risk Users) - Simplified User Identification and Due Diligence
7.2.1. The Company shall take all necessary measures for the full ascertainment of the legal person’s control and ownership structure as well as the verification of the identity of the natural persons who are the Beneficial Owners and exercise control over the legal person.
7.2.2. The verification of the identification of a legal person that requests the establishment of a business relationship or the execution of an occasional transaction, comprises the ascertainment of the following:
- the registered number;
- the registered corporate name and trading name used;
- the full addresses of the registered office and the head offices;
- the telephone numbers, fax numbers and e-mail address;
- the members of the board of directors;
- the individuals that are duly authorized to operate the account and to act on behalf of the legal person;
- the beneficial owners of private companies and public companies that are not listed in a Regulated Market of an EEA country or a third country with equivalent disclosure and transparency requirements;
- the registered shareholders that act as nominees of the beneficial owners;
- the economic profile of the legal person.
- For the verification of the identity of the legal entity, the Company shall request and obtain, among others, original or certified true copies of the following documents:
- certificate of incorporation and certificate of good standing (where available);
- certificate of registered office;
- certificate of directors and secretary;
- certificate of registered shareholders in the case of private companies and public companies that are not listed in a Regulated Market of an EEA country or a third country with equivalent disclosure and transparency requirements;
- memorandum and articles of association of the legal person;
- a resolution of the board of directors for the opening of the account and granting authority to those who will operate it;
- in the cases where the registered shareholders act as nominees of the Beneficial Owners, a copy of the trust deed/agreement concluded between the nominee shareholder and the Beneficial Owner, by virtue of which the registration of the shares on the nominee shareholder’s name on behalf of the Beneficial Owner has been agreed.
7.3. Category 2 (Normal Risk Users)- Enhanced User Identification and Due Diligence
7.3.1. For Legal Entities that fall within this Category the Enhanced Due Diligence shall be applied, where the Company may request the following additional information:
- about the User and its beneficial owner;
- about the planned substance of the business relationship;
- about the origin of the funds and wealth of the User and its beneficial owner;
- about the underlying reasons of planned or executed transactions;
- any other information in order to assist the Company to decide whether to establish or continue a business relationship.
7.4. Category 3 (High Risk Users) - Highly Enhanced User Identification and Due Diligence
7.4.1. Where the applicant legal entity falls within this category the Company will ask that all of the documents provided, as part of the main identification process as per the assessment in Category 1 and 2, be authenticated by a notary or certified by a notary or officially, or on the basis of other information originating from a credible and independent source, including means of electronic identification and trust services for electronic transactions.
7.4.2. Further to the above, the Company shall request, depending on the circumstances and risk profile of the User, additional documents and an auto-portrait (‘Selfie picture’), phone call, video call with the appointed/authorized person, proofs of source of funds and supportive documents, notarization KYC documents of individuals, and even apostilled documents.
8.1. In the case of a trust or a legal arrangement, the beneficial owner is:
- the settlor of the trust or the establisher of the arrangement;
- the trustee;
- the person ensuring and controlling the preservation of property, where such person has been appointed;
- the beneficiary, or where the beneficiary or beneficiaries are yet to be determined, the class of persons in whose main interest such triste or arrangement has been set up or operates;
- any other person who in any way exercises ultimate control over the property of the trust or arrangement.
8.2. In cases where the beneficial owner of a legal person, requesting the establishment of a business relationship is under a Trust the Company shall implement the following procedure:
- The Company shall ascertain the legal substance, the name and the date of establishment of the trust and verify the identity of the trustor, trustee and Beneficial Owners, according to the procedures set in this Policy.
- Furthermore, the Company shall ascertain the nature of activities and the purpose of establishment of the trust as well as the source and origin of funds requesting the relevant extracts from the trust deed and any other relevant information from the trustees. All relevant data and information should be recorded and kept in the User’s file.
9.1. Upon the identification of a legal entity, the Company shall register the beneficial owner of the entity.
9.2. In a situation where no person holds or identifiably controls more than 25%, the circle of beneficial owners will be identified pursuant to the principle of proportionality, according to which information shall be requested about the shareholders, partners and other persons who exercise control or other significant influence over the activities of the legal entity.
9.3. If the identification documents of a legal entity or other submitted documents do not indicate the beneficial owner of the entity, the relevant information (including information about membership of the group of companies and the ownership and management structure of the group of companies) shall be registered on the basis of the statements or a handwritten document of the representative of the entity.
9.4. Higher attention shall be paid to companies founded in territories with a low tax rate, whose beneficial owners are often difficult to identify.
9.5. Where, after all possible means of identification have been exhausted, and the beneficial owner cannot be identified and there is no ground for calling the existence of such person into doubt or where there are doubts as to whether the identified person is the beneficial owner, the natural person who holds the position of a senior managing official is deemed to be the beneficial owner. Where several persons meet the terms provided for in this clause, including where there are several senior managing officials, several senior management bodies or where another legal person holds shares in a company via one or several persons or chains of persons, the person(s) who exercise(s) actual control over the company and make(s) strategic decisions in the company or, upon absence of such persons, perform(s) day-to-day and regular management is (are) considered the beneficial owner(s).
10.1. In a situation where a person participating in a transaction made in economic or professional activities, a person participating in a professional act, a person using a professional service, a User or their beneficial owner is a politically exposed person, a family member of a politically exposed person or a person known to be a close associate of a politically exposed person, the Company applies the following due diligence measures in addition to the due diligence measures provided for in subsection 1 of § 20 of the money laundering and terrorist financing prevention laws: obtains approval from the senior management to establish or continue a business relationship with the person; applies measures to establish the origin of the wealth of the person and the sources of the funds that are used in the business relationship or upon making occasional transactions; monitors the business relationship in an enhanced manner.
10.2. Where a politically exposed person no longer performs important public functions placed upon them, the Company must at least within 12 months take into account the risks that remain related to the person and apply relevant and risk sensitivity-based measures as long as it is certain that the risks characteristic of politically exposed persons no longer exist in the case of the person.
10.3. PEP screening is provided by a third person defined in the clause 5 of these Rules.
11.1. To identify the person who may be a subject of financial sanctions the Company will perform Sanction Screening, at minimum, against the following sanctions lists of all natural persons: UN Sanctions; EU Sanctions; Sanctions administered by the Office of Financial Sanctions Implementation ("OFSI-UK"); Sanctions administered by the Office of Foreign Assets Control ("OFAC-US"); Sanctions imposed under the international sanction laws.
11.2. If, as a result of application of due diligence measures the Company identifies a subject of the financial sanction or that the transaction or act which is planned or carried out by them violates financial sanctions, or if additional information obtained upon application of due diligence measures does not enable to identify it, as well as in the case of the suspicion of violation of financial sanctions, the Company shall inform the governmental authority thereof and of the financial sanction applied.
11.3. If the Company identifies a person subject to financial sanctions the Company should freeze without delay and without prior notice the funds or other assets of designated persons, following applicable laws and regulations.
11.4. The Company will provide check and Sanction Screening of existing Users minimum once per year.
12.1. Where the Company identifies an activity or facts whose characteristics refer to the use of criminal proceeds or terrorist financing or to the commission of related offences or an attempt thereof or with regard to which the obliged entity suspects or knows that it constitutes money laundering or terrorist financing or the commission of related offences (the “suspicious transaction”), the Company will report such case to the governmental authority immediately, but not later than within two working days.
12.2. A suspicious transaction will often be one which is inconsistent with a User's known, legitimate business or personal activities or with the normal business of the specific account.
13.1. If upon performance of economic or professional activities or professional operations or provision of professional services, the Company identifies an activity or circumstances which might be an indication of money laundering or terrorist financing or an attempt thereof or in the event of which the Company has reason to suspect or knows that it is money laundering or terrorist financing, the Company shall immediately, but not later than within two working days from identifying the act or circumstances or from the rise of the suspicion, notify the governmental authority.
13.2. If, as a result of application of due diligence measures the Company identifies a subject of the financial sanction or that the transaction or act which is planned or carried out by them violates financial sanctions, or if additional information obtained upon application of due diligence measures does not enable to identify it, as well as in the case of the suspicion of violation of financial sanctions, the Company shall inform the governmental authority thereof and of the financial sanction applied.
13.3. The Company will not inform the person, its beneficial owner, representative or third party about a report submitted on them to the governmental authority, a plan to submit such a report or the occurrence of reporting as well as about a precept made by the governmental authority or about the commencement of criminal proceedings. After a precept made by the governmental authority has been complied with, the Company may inform a person that the governmental authority has restricted the use of the person’s account or that another restriction has been imposed.
14.1. The Company, its employee, representative or a person who acted in its name shall not, upon performance of the obligations arising from the money laundering and terrorist financing prevention laws, be liable for damage arising from failure to enter into a transaction or failure to enter into a transaction by the due date if the damage was caused to the person participating in the transaction made in economic or professional activities in connection with notification of the governmental authority of the suspicion of money laundering or terrorist financing in good faith, or for damage caused to a User or a person participating in a transaction entered into in economic or professional activities in connection with cancellation of a contract entered into for an indefinite period.
15.1. The Company cooperates with supervisory and law enforcement authorities in preventing money laundering and terrorist financing, thereby communicating information available to the Company 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 [email protected]. Please note that in case you represent the law enforcement agency outside of the European Union, procedure under the Mutual Legal Assistance Treaty (MLAT) may apply.