KYC / AML Policy
KYC / AML Policies
Geofaith Capital Limited is committed to the highest standards of compliance against money laundering (AML) and anti-terrorist financing (CTF). The objective of the Companies Policy against Money Laundering and Terrorism Financing is to actively prevent the risks of these matters.
To help the government combat the financing of terrorism and money laundering activities, the law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. We have an obligation to report suspicious client activity relevant to money laundering.
The process of converting funds received from illegal activities, such as fraud, corruption or terrorism, into other funds or investments that appear legitimate to hide or distort the actual source of funds.
The money laundering process can be divided into three sequential stages:
Placement
Funds are turned into financial instruments, such as checks, bank accounts and money transfers, or used to buy high-value goods that can be resold. Deposits may also be split into several smaller deposits, a process known as smurfing.
Layers
Funds are transferred or moved to other accounts and financial instruments to disguise the origin and interrupt the indication of the entity that carried out the multiple financial transactions.
Integration
The funds are re-circulated as legitimate money to purchase goods and services.
Geofaith Capital Limited adheres to the principles of Anti-Money Laundering and actively prevents any action that targets or facilitates the legalization process of illegally obtained funds. The AML policy means preventing the use of the company’s services by criminals for money laundering, terrorist financing or other criminal activity.
To prevent money laundering, Geofaith Capital Limited does not accept or pay in cash under any circumstances. The company reserves the right to suspend the operation of any client that may be considered illegal or related to money laundering.
Company procedures
Geofaith Capital Limited will ensure that each client is a real or legal person. The company performs all necessary measures in accordance with applicable laws and regulations issued by monetary authorities.
- Know your client policy and due diligence
- Monitor customer activity
- Registry maintenance
Know Your Customer
Due to the company’s commitment to AML and KYC policies, each company customer must complete a verification procedure. Before Geofaith Capital Limited initiates any cooperation with the client, the company ensures that satisfactory evidence is presented or other measures are taken that produce satisfactory proof of identity.
The company also applies increased scrutiny to clients who are residents of countries identified by credible sources as having inadequate AML standards or a high risk of crime and corruption, and to beneficial owners whose funds are sourced from named countries.
Individual clients
During registration, each client provides personal information including full name, birthdate, country of origin and full residential address.
Required documents
- Valid passport showing the photo and signature clearly; or
- Driving license with photograph; or
- National identity card showing the front and back;
- Proof of current permanent address, such as utility bills or bank statements, containing the customer’s full name and residence. These documents should not be older than 3 months from the filing date.
Corporate clients
If the applicant company is not listed and none of the main directors or shareholders already has an account with Geofaith Capital Limited, documentation must be provided.
- Certificate of incorporation or national equivalent;
- Memorandum and Articles of Association and statutory declaration or national equivalent;
- Certificate of good standing or proof of registered address;
- Board resolution to open an account and grant operating authority;
- Copies of powers of attorney or other authorities granted by directors;
- Proof of directors’ identity where they act on behalf of the client;
- Proof of identity of final beneficiaries or persons under whose instructions account signers are empowered to act.
Tracking customer activity
In addition to collecting customer information, Geofaith Capital Limited continues to monitor the activity of each customer to identify and prevent suspicious transactions. A suspicious transaction is a transaction that is not consistent with the customer’s legitimate business or regular transaction history.
Geofaith Capital Limited has implemented transaction monitoring systems, both automatic and, if necessary, manual, to prevent criminals from using the company’s services.
Registry maintenance
Records must be kept of all transaction data and identification data, as well as all documents related to money laundering issues, including suspicious activity reporting files and AML account monitoring documentation.
These records are kept for a minimum of 7 years after the account is closed.
Measures taken
Where Geofaith Capital Limited suspects that transactions are related to money laundering or other criminal activity, it will proceed in accordance with applicable law and report the suspicious activity to the regulatory authority.
The company has full discretion to temporarily block a suspicious customer’s account or terminate a relationship with an existing customer.