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Acquire Gold

KYC and AML

Introduction

At Ordinal Gold™, we are unwavering in our commitment to maintaining the highest standards of compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Our comprehensive AML compliance framework is meticulously designed to identify and verify the beneficial owners of legal entity customers, aligning with both national and international regulatory requirements. This proactive approach ensures that we not only comply with existing laws but also anticipate future regulatory developments.

We implement robust transaction monitoring systems to scrutinize customer activities within our purview, ensuring that no transactions are associated with illegal activities. Our compliance policy is not a one-size-fits-all; it is carefully tailored to reflect the unique characteristics of our business environment, including factors such as geographical location, transaction types, and customer profiles.

Our organisation recognises the critical importance of collaboration with regulatory authorities and law enforcement agencies in the fight against financial crime. We understand that KYC and AML compliance are not merely regulatory obligations but essential components in preserving the integrity of the financial system. Our ongoing vigilance is paramount in deterring and detecting financial crimes, and we are fully dedicated to safeguarding both local and global communities from the detrimental effects of illicit activities.

In an industry where precious metals can be exploited for money laundering due to their intrinsic value and ease of transport, we are particularly vigilant. Our adherence to evolving regulations, such as the Financial Action Task Force (FATF) guidelines and various national directives, underscores our proactive stance against financial crime.

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Together, we can create a more secure financial landscape.

AML/KYC Procedure

  1. Customer Identification Program (CIP)
    • Collect and verify customer identification documents.
    • Implement risk-based assessment to classify customers.
  2. Customer Due Diligence (CDD)
    • Conduct enhanced due diligence for high-risk customers.
    • Monitor transactions for unusual patterns or large cash transactions.
  3. Transaction Monitoring
    • Implement systems to monitor transactions in real-time.
    • Flag transactions that exceed a certain threshold or appear suspicious.
  4. Reporting Obligations
    • Report suspicious activities to relevant authorities in accordance with national laws.
    • Maintain records of all transactions for a minimum of five years.
  5. Training and Awareness Programs
    • Regularly train employees on AML/KYC protocols.
    • Update staff on changes in legislation and emerging risks.
  6. Compliance Audits
    • Conduct regular audits to ensure adherence to AML/KYC policies.
    • Review and update procedures based on audit findings.

Key Regulations by Countries with Significant Gold Activities

China

  • Anti-Money Laundering Law (AML): Law No. 3 of 2007
  • Regulations on the Administration of Gold and Silver: 2017

Russia

  • Federal Law on Anti-Money Laundering (AML): No. 115-FZ, 2001
  • Federal Law on Combating Terrorism Financing: No. 115-FZ, 2001

Australia

  • Anti-Money Laundering and Counter-Terrorism Financing Act: No. 69, 2006
  • Proceeds of Crime Act: No. 85, 2002

Canada

  • Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA): S.C. 2000, c. 17
  • Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) Guidelines

United States

  • Bank Secrecy Act (BSA): Title I of Pub.L. 91–508, 1970
  • USA PATRIOT Act: Pub.L. 107–56, 2001

Ghana

  • Anti-Money Laundering Act: Act 749, 2008
  • Financial Intelligence Centre Act: Act 1044, 2012

Peru

  • Law on the Prevention of Money Laundering: Law No. 27693, 2002

Mexico

  • Federal Law for the Prevention and Identification of Operations with Resources of Illicit Origin: No. 420, 2013

Uzbekistan

  • Law on Combating Money Laundering and Terrorism Financing: No. ZRU-367, 2017

Indonesia

  • Law on Money Laundering: Law No. 8 of 2010

European Union

  1. Fourth Anti-Money Laundering Directive (AMLD4): Directive (EU) 2015/849 – established a framework for AML/CFT measures.
  2. Fifth Anti-Money Laundering Directive (AMLD5): Directive (EU) 2018/843 – expanded existing regulations to include virtual currencies and pre-paid cards.
  3. Sixth Anti-Money Laundering Directive (AMLD6): Directive (EU) 2021/155 – came into effect on June 3, 2021; it clarifies definitions and extends criminal liability for money laundering activities.
  4. European Union’s General Data Protection Regulation (GDPR) – Regulation (EU) 2016/679 – while primarily focused on data protection, it intersects with KYC processes regarding customer data handling.