🛡 Anti-Money Laundering (AML) Policy

Effective Date: 01/04/25
Approved By: Hazra Solution
Review Date: 05/04/25
 

1. Introduction

Hazra Solution is committed to preventing, detecting, and reporting money laundering, terrorist financing, and other financial crimes. We strive to maintain high standards of integrity and compliance with all relevant AML laws and regulations.
 

2. Scope

This policy applies to all employees, officers, directors, contractors, and third-party service providers of Hazra Solution, regardless of location.
 

3. Regulatory Framework

Hazra Solution adheres to all applicable AML regulations, including:

• The Anti-Money Laundering Act
• The Financial Action Task Force (FATF) Recommendations
• Relevant local and international laws
   

4. Definitions

• Money Laundering: Concealing the origins of illegally obtained money.
• Terrorist Financing: Funding to support terrorist activities.
• Politically Exposed Persons (PEPs): Individuals holding prominent public positions.
   

5. AML Program Objectives

• Prevent the misuse of our services for illicit activities.
• Detect and report suspicious actions.
• Ensure compliance with legal standards.
• Train employees to identify AML risks.
   

6. Customer Due Diligence (CDD)

We implement the following CDD measures:

• Know Your Customer (KYC): Verifying identity through reliable documents.
• Risk Assessment: Evaluating risks based on factors like geography and transactions.
• Ongoing Monitoring: Continuously reviewing transactions to detect unusual activity.
   

7. Reporting Suspicious Activity

Employees must immediately report any suspicious behavior to the AML Compliance Officer (AMLCO) or via designated reporting channels.
 

8. AML Compliance Officer (AMLCO)

The AMLCO is responsible for:

• Implementing and maintaining the AML program.
• Providing training to staff.
• Acting as the liaison for regulatory inquiries.
   

9. Training and Awareness

Employees receive training on:

• Recognizing potential money laundering activities.
• Compliance with AML policies.
• Reporting protocols.
   

10. Record-Keeping

We maintain records of:

• Customer identification and transaction details.
• Suspicious Activity Reports (SARs).
• Retention period: Minimum of 5 years.
   

11. Internal Controls and Audits

We implement internal checks and conduct periodic audits to ensure policy effectiveness.
 

12. Disciplinary Actions

Non-compliance may result in disciplinary measures, including termination and potential legal consequences.
 

13. Policy Review

This policy will be reviewed annually or as needed to address regulatory updates.

By adhering to this policy, Hazra Solution reaffirms its commitment to maintaining the highest ethical standards and legal compliance.