AML Policy

Company Information:

Payepic.com is a company incorporated in Country Name with its registered office at Address Name.

Purpose:

The purpose of this Anti-Money Laundering (AML) policy is to prevent and detect money laundering, terrorist financing, and other financial crimes while ensuring compliance with relevant laws and regulations.

Scope:

This policy applies to all employees, contractors, and third-party service providers of Payepic who are involved in the provision of services including but not limited to:

• Payment processing
• Money transfers
• Financial transactions
• Customer support

Definitions:

• Money laundering: The process of concealing the source of illegally obtained funds to make them appear legitimate.
• Terrorist financing: The provision or collection of funds to support terrorist activities.
• Politically Exposed Person (PEP): An individual who holds or has held a significant public office or is a family member or close associate of such an individual.
• High-Risk Customer: A customer who is considered high-risk due to their business or occupation, such as a lawyer, accountant, or financial advisor.

Responsibilities:

• The AML Compliance Officer is responsible for implementing and maintaining this policy as well as ensuring compliance with relevant laws and regulations.
• All employees and contractors are responsible for adhering to this policy and reporting any suspicious transactions or activities to the AML Compliance Officer.
• Third-party service providers are responsible for ensuring their own compliance with this policy and relevant laws and regulations.

Procedures:

1. Customer Due Diligence (CDD):

• com will conduct CDD on all customers, including individuals and businesses, to verify their identity and assess their risk level.
• CDD will include the collection of relevant documentation, such as identification, proof of address, and business registration.

2. Ongoing Monitoring:

• com will conduct ongoing monitoring of customer transactions to identify and report suspicious activities.
• This will include monitoring for unusual patterns, large transactions, and transactions with high-risk countries or individuals.

3. Reporting Suspicious Transactions:

• Any employee or contractor who identifies a suspicious transaction or activity must report it to the AML Compliance Officer immediately.
• The AML Compliance Officer will investigate the report and take appropriate action, including reporting it to the relevant authorities if necessary.

4. Record Keeping:

• com will maintain accurate and detailed records of all customer transactions, including CDD documentation and suspicious transaction reports.
• These records will be retained for a minimum of five years and will be made available to regulatory authorities upon request.

Training and Awareness:

All employees and contractors will receive training on this AML policy and the procedures outlined in this document.

Payepic.com will conduct regular training sessions and provide ongoing support to ensure that all employees and contractors are aware of their responsibilities and the importance of AML compliance.

Review and Updates:

• This AML policy will be reviewed and updated annually or as necessary to ensure compliance with relevant laws and regulations.
• The AML Compliance Officer will be responsible for reviewing and updating this policy and will ensure that all changes are communicated to all employees and contractors.

Confidentiality:

All information collected and maintained as part of this AML policy will be kept confidential and will only be disclosed to authorized personnel or regulatory authorities as necessary.

Penalties:

Failure to comply with this AML policy may result in disciplinary action up to and including termination of employment or contract.

Payepic.com may also be subject to fines and penalties imposed by regulatory authorities for non-compliance with AML regulations.

AML Compliance Officer:

The AML Compliance Officer is responsible for implementing and maintaining this policy and can be contacted at [insert contact information].

Regulatory Compliance:

Payepic.com is committed to complying with all relevant laws and regulations including but not limited to:

The United Arab Emirates Anti-Money Laundering and Combating the Financing of Terrorism Law (Federal Law No. 20 of 2018)

The Dubai Financial Services Authority (DFSA) Anti-Money Laundering and Combating the Financing of Terrorism Rules (DFSA Rulebook Module C Issue 2)

By implementing this AML policy, Payepic.com is committed to preventing and detecting money laundering, terrorist financing, and other financial crimes while ensuring compliance with relevant laws and regulations.

Effective Date: Jan 31 2025

Review Date: Jan 31 2026