- Anti Money Laundering

Our Anti Money Laundering policies are a comprehensive system of international policies, including the Know Your Customer policies of the jurisdictions to which users are subject. Our Huge compliance framework ensures that we meet the regulatory requirements and regulatory standards on both local and global levels, which ensures the operational sustainability of our product and service provided therein In accordance with the Anti-Money Laundering regulations of the British Virgin Islands our policies are being interpreted below;

In these Regulations, unless the context otherwise requires— “Agency” means the Financial Investigation Agency established under section 3 of the Financial Investigation Agency Act. “Applicant for Business” means the party proposing to a relevant person that they enter into a business relationship or one-off transaction. “Beneficial Owner” means the natural person or user who ultimately owns or controls an applicant for business or a customer or on whose behalf a transaction or activity is being conducted and includes, though not restricted to—

1.

(A) In the case of a legal person other than a company whose securities are listed on our exchange, a user who ultimately owns coins/tokens on the exchange..

“Business Relationship” means an arrangement between a relevant person and one or more parties, where— .

(B) The relevant person has obtained satisfactory evidence of identity of the party who, in relation to the formation of that business relationship, was the applicant for business;nd.

(D) The monetary value of dealings in the course of the arrangement is not known or capable of being known at entry; .

“Code” means the Anti-money Laundering and Terrorist Financing Code of Practice;
“Commission” means the Financial Services Commission established under section 3(1) of the Financial Services Commission Act; “Customer” means a party that has entered into a business relationship or one-off transaction with a relevant person
“customer due diligence” refers to the steps required to be taken by a relevant person in his dealings with an applicant for business or a customer in relation to a business relationship or one-off transaction in order to forestall and prevent money laundering and other financial crimes;
In accordance with the above; all customers are required to do their own due diligence before committing to any trade. The Financial Action Task Force of the Virgin islands possess regulatory, supervisory or monitoring functions that substantially correspond to the regulatory, supervisory or monitoring functions of the Agency or Commission and that of our customers.

(i) Is subject to legal requirements in its jurisdiction for the detection and prevention of money laundering that are consistent with the requirements of the FATF Recommendations in relation to that business; and
(ii) Is properly and adequately regulated, supervised or monitored for compliance with those legal requirements by a foreign regulatory authority;

2.

In accordance with the above stated laws, Manilla Finance strongly adheres to the AML policies therefore to carry out business transactions with customers (users) .

(A) Maintains— .

(i) Identification procedures in accordance with regulations 4, 5 and 7; (ii) record keeping procedures in accordance with regulations 8 to 11;
(ii) Internal reporting procedures in accordance with regulation 15; and
(iii) Internal controls and communication procedures which are appropriate for the purposes of forestalling and preventing money laundering;

(B) takes appropriate measures from time to time for the purpose of making employees aware of—.

(i) The procedures maintained under paragraph (a) and any related procedures provided in the Code; and
(ii) The provisions of the Proceeds of Criminal Conduct Act, the Code, these Regulations and any directive issued pursuant to any enactment; and

(D) Manilla has the right to freeze an account if illegal behaviors are detected, report such and only restore normalcy therein to that account if only necessary requirements are met. .

3.

A relevant person shall establish and maintain identification procedures which, as soon as reasonable practical after contact is first made between that person and an applicant for business concerning any particular business relationship or one-off transaction require—.

(A) The production by the applicant for business, satisfactory evidence of his or her identity; or.

(B) The taking by the relevant person of such measures as are specified in the identification procedures as will produce satisfactory evidence of the identity of the applicant for business.

4.

The identification procedures established pursuant to sub-regulation (1) shall also—.

(A) Require that where satisfactory evidence of identity is not obtained by the relevant person, the business relationship or one-off transaction shall not proceed any further until such evidence is obtained, unless and to the extent that the Agency advises otherwise;.

(B) Require that where the business relationship or one-off transaction subsists, the applicant for business appears to be acting for a third party in respect of that business relationship, the satisfactory evidence of the identity of the third party will be obtained, failing which the business relationship will be terminated;.

(C) Include the full name (including any other names and aliases) and physical address of the applicant for business and, where he or she is acting for a third party, the full name (including any other names and aliases) and physical address of the third party;.

(D) Provide for the assessment by the relevant person of the risk that any business relationship or one-off transaction may involve money laundering and shall be appropriate to the circumstances, having regard to the degree of risk assessed; and .

(E) Take into account, without limiting paragraph (D), the greater risk of money laundering which arises when the applicant for business is not engaged in a face-to-face relationship or transaction as to be identified. .

For the purposes of this regulation, but without prejudice to regulation 4(B), satisfactory evidence of identity is evidence which is reasonably capable of establishing, and to the satisfaction of the person who obtains the evidence, does establish that the applicant for business is the person he or she claims to be..

Establishing and maintaining verification procedures

5. A relevant person shall establish and maintain procedures which, in respect of transactions undertaken after a business relationship has been established in compliance with regulation 4, require—.

(A) The satisfactory verification of evidence of identity produced pursuant to regulation 4(A); or.

(B) The taking of such measures as are specified in the procedures as will produce satisfactory verification of evidence of identity produced under regulation 4(B), as soon as reasonably practicable after transactions are undertaken..

(C) The procedures established pursuant to sub-regulation (1) shall also require that when satisfactory verification of evidence of identity is not obtained or produced, the business relationship and transactions shall not proceed any further..

(D) The provisions of the Code with respect to the verification of evidence of identity shall apply for the purposes of these Regulations..

Offenses and Penalties

(1) A person who contravenes any provision of these Regulations or any directive issued pursuant to regulation 14(2), commits an offense..

(2) A person who commits an offense under sub-regulation (1) is liable—.

(a) on summary conviction, to a fine not exceeding $100,000;
(b) on conviction on indictment, to a fine not exceeding $150,000.

(3) In proceedings against a person for an offense under these Regulations, it shall be a defense for the person to prove that he or she took all reasonable steps and exercised due diligence to comply with the requirements of these Regulations or any directive issued pursuant to regulation 14(2) in respect of which he or she is charged..

(4) Where an offense under these Regulations has been committed by a body corporate, section 22(2) of the Interpretation Act shall apply, except that the words “the liability of whose members is limited” shall be omitted..

(5) Where the affairs of a body corporate are managed by its members, sub-regulation (3) applies in relation to the acts and defaults of a member in connection with his or her functions of management as if he or she were a director of the body corporate..

(6) Where an offense under these Regulations is committed by a partnership, or by an unincorporated association other than a partnership, is proved to have been committed with the consent or connivance of, or is attributable to the failure to exercise due diligence by, a partner in the partnership or, as the case may be, a person concerned in the management or control of the association, he or she, as well as the partnership or association, commit that offense and is liable to be proceeded against and punished accordingly..

(7) A person who contravenes any provision of these Regulations may be proceeded against under section 56 of the Financial Services Commission Act instead of under this regulation..

(8) The imposition of a penalty under or pursuant to this regulation does not absolve the person penalized from complying with the provision of these Regulations that he or she has contravened..

Conclusion

KYC is an integral and crucial process for any financial organization that intends to remain compliant with the AML standards and requirements..

Therefore, at the root of Manilla's commitment to adhering and implementing stronger KYC and AML policies is our core value of putting users first. By getting to know our users better implies we can serve them better.