Anti-Money Laundering (AML) Policy - Fomo7
Fomo7 has made great efforts to make sure that the operations we perform do not lead to money laundering and terrorist financing. All our operations are ensured to comply with the AML (Anti Money Laundering) Policy. Indeed, there is no doubt that money laundering and other illegal activities cannot be conducted within the Fomo7 platform as a result of this policy. In other words, the policy speaks for itself and stands above the jurisdiction of any applicable laws. However, we have designed our AML procedures in such a manner that will comply with the laws and regulation framework.
Purpose of the AML Policy
The ultimate aim of the policy is to prevent money laundering, and terrorist financing as well as other criminal activities. The secondary aim, which is equally important, is to contain the risks posed to the entities’ reputation, efficiency, and their legal environment whilst remaining compliant with the existing regulatory framework. Through this AML policy, Fomo7 aims to conduct its activities professionally and within the confines of law, as well as supporting other global initiatives in this fight against financial malpractice.
Company Commitment
In every business or every industry there are always standards that companies maintain and such standards should be upheld no matter the situation. In this case we will: .
- Ensure preventive measures are activated that disrespect the use of our platform as a tool for money laundering, and financing terrorism.
- Engage in laws and regulations that are enforced within the geographical jurisdiction.
- Comprehend which measures are the most effective to screen and detect especially suspicious activities.
- Stay abreast of changes in legal requirements in order to continuously monitor and improve our AML practices.
Player Identification (Know Your Customer - KYC)
In connection with the fight against money laundering, Fomo7 has implemented anti-money laundering policies and procedures which include the know your customer or KYC policy. The procedure involves verifying the identity of people applying for our services.
- Player Verification: Our Players must provide us with their full name, date of birth, address, email and proof of identity.
- Document Verification: If there are doubts about a Playerβs identity or if the Player will be transacting over EUR 3,000, we may ask for further documents such as:
- A certified copy of a passport or an identity card, and
- Council tax bill, gas, electricity or any document reflecting your address.
- No Anonymous Accounts: We have a restriction on anonymous or fictitious anonymous accounts for the purpose of knowing who is a Player.
Transaction Monitoring
Fomo7 is responsible for monitoring account activity in order to prevent suspicious transactions related to money laundering or terrorism financing. This monitoring extends to:
- Transaction Threshold: All transactions equal to or greater than EUR 1,000 will be monitored closely.
- Red Flags: There are several factors that could be identified as red flags which include activities such as wire transfers to and from high-risk countries or working with numerous inconsequential amounts. Such transactions would then be flagged for further review.
- Continuous Monitoring: As part of the objectives of the companyβs AML/Sanctions Compliance Program our AML Compliance Officer routinely checks, reviews and updates the Playerβs account, transactions and other instruments as specified.
Reporting Suspicious Transactions
We have set in place a clear policy when it comes to identifying and reporting suspicious transactions. Effective reporting of suspicious activity is done when irregularities in a transaction are noticed and could include:
- They are linked with people who have been blacklisted by governments or entities alleged to be engaged in terrorism activities.
- The regular explanation which is offered with reference to the source or the intention of the transaction is vague, or a suggestion is made that it is in regard to the result of unlawful practices.
- The Playerβs regular activity is altered by the introduction of this transaction.
Any suspicious transaction, whether big or small, will be reported to the proper authorities as required by law.
Employee Training
In a bid to deal with potential risks of having their reputation tarnished, Fomo7 has ensured that all its workers have been trained concerning identifying potential money laundering risks. Such a program would include aspects such as:
- Red Flags: Money laundering and terrorist financing activities among other things leave behind an intricate yet identifiable pattern of activity.
- Reporting Protocol: An internal memo of sorts because it helps put employees through the steps required to take once they encounter suspicious transactions.
- Regulatory Updates: Notifying employees of any modification in government policies, laws, and codes of conduct regarding anti-money laundering processes.
Record Keeping and Data Retention
We keep records of all transactions which include details of Player identification for the prescribed duration of time enforced by the law. All such records are kept in safe custody and are accessible only to those authorized. Our records retention procedures facilitate our regulatory compliance, through enabling us to respond to such requests, and to furnish such documents as may be required.
Non-Compliance and Account Closure
Fomo7 is completely against money laundering and criminal activities. Our basic aim is to attract honest players but KYC verification is mandatory and if the Player doesnβt comply or has been found involved in money laundering, we will take measures as such:
- Account Freezing: Accounts under suspicion of any wrongdoing may be frozen until this has been clarified further.
- Account Closure: Funds and accounts that have been satisfactorily confirmed as involved in the criminal activity will be closed, and law enforcement shall be notified immediately.
Reporting Concerns
If you see any action raising suspicion with respect to money laundering or funding of terrorism, please inform us without any delay. One more officer within your organization, AML Compliance Officer, is sitting with you to address any concerns that you have in regard to suspicious activities and able to act on them.
Contact Form
We can be reached at the contact email or phone number mentioned above for questions or concerns regarding our AML Policy or if you want to report suspicious activity. The information for contacting us is:
Email: support@fomo7.org.in