These procedures are established to guide staff in identifying common practices used in money laundering and terrorism financing, to deter such practices and when discovered or suspected, to use a systematic, uniformed approach for dealing with it.
This Policy will be applicable for all Bank operations, local and international. The objective of this policy is to ensure that the products and services of YF CORPORATION are not used to launder the proceeds of crime and that all of the Bank’s staff is aware of their obligations and the need for vigilance in the fight against money laundering and terrorist financing.
As a policy, YF Corporation is committed to comply with all the regulatory instructions, laws, and regulations (issued from time to time) by the St. Vincent and the Grenadines Financial Services Authority (SVG FSA) and the St. Vincent and the Grenadines Financial Intelligence Unit (SVG FIU) and regulators of the countries where YF CORPORATION operates.
a) Engaging, directly or indirectly, in a transaction that involves property that is the proceeds of crime, knowing or having reasonable grounds for believing the same to be the proceeds of crime;
b) Receiving, possessing, managing, investing, concealing, disguising, disposing of or bringing into St. Vincent and the Grenadines any property that is the proceeds of crime, knowing or having reasonable grounds for believing the same to be the proceeds of crime;
c) Notwithstanding the above definition (a) and (b) as provided under the Proceeds of Crime Act, a universal definition is “the process whereby the identity of dishonestly and/or illegally obtained money is transformed so that it appears to have originated from a legitimate source”.
The principle of “Know Your Customer” is critical for any financial institution to monitor unit holders’ activities in order to make a determination as to the existence of money laundering activities.
In this regard, policies and procedures must be established for verifying the identity of all customers (i.e. both new and existing, corporate, unincorporated and individuals). YF CORPORATION shall request from new customers, documentary evidence of identity that includes a photograph (for individuals) and signature/s. Copies of such documents should be retained. Addresses should be verified by for example, a recent valid utility bill and copies of all such documents should be retained on file for a minimum of five (5) years.
YF CORPORATION shall obtain from all customers, including signatories to corporate accounts their full name, date of birth (or Certificate of Incorporation in the case of a Company), nationality, occupation (or the Memorandum and Articles of Association in the case of a Company) and the most recent annual company return filed at the General Registry if necessary.
In the case of a company incorporated outside of St. Vincent and the Grenadines, all forms of identification must be duly notarized. These identification procedures must be followed on the opening of any account and YF CORPORATION should not transact business with any new customer who refuses to provide or provides inadequate evidence of identity. If management suspects that customers are not acting on their own behalf, the true identity of the persons on whose behalf the account is opened or the transaction is conducted, must be verified. Furthermore, in ascertaining details on the origin of the assets and source of income declared by a customer, the staffs at YF CORPORATION are hereby expected to follow the following directions to obtain the information it deems necessary in order to complete an account application for approval or disapproval.