Anti-Money Laundering (AML) Policy

Premlit is committed to preventing money laundering and terrorist financing activities. This Anti-Money Laundering (AML) Policy outlines our procedures and controls designed to detect, prevent, and report suspicious activities.

We comply with all applicable anti-money laundering laws and regulations in the jurisdictions where we operate. This policy is designed to ensure that our services are not used for illegal purposes.

1. Policy Statement

Premlit has a zero-tolerance policy towards money laundering and terrorist financing. We are committed to:

• Complying with all applicable AML laws and regulations
• Implementing robust customer due diligence procedures
• Monitoring transactions for suspicious activities
• Reporting suspicious activities to relevant authorities
• Maintaining comprehensive records of all transactions
• Providing regular training to staff on AML compliance

2. Customer Due Diligence (CDD)

We implement customer due diligence measures to verify the identity of our customers and assess the risk of money laundering or terrorist financing. Our CDD procedures include:

• Identity Verification: We verify the identity of all customers using government-issued identification documents
• Address Verification: We verify customer addresses using utility bills or other official documents
• Risk Assessment: We assess the risk profile of each customer based on various factors including transaction patterns, geographic location, and business type
• Ongoing Monitoring: We continuously monitor customer accounts and transactions for unusual or suspicious activities

3. Enhanced Due Diligence (EDD)

For customers identified as high-risk, we apply enhanced due diligence measures, which may include:

• Additional identity verification
• Source of funds verification
• Enhanced transaction monitoring
• More frequent account reviews
• Obtaining senior management approval for certain transactions

4. Transaction Monitoring

We monitor all transactions for signs of suspicious activity, including:

• Unusually large transactions
• Rapid movement of funds
• Transactions inconsistent with customer profile
• Transactions involving high-risk jurisdictions
• Structured transactions designed to avoid reporting thresholds
• Transactions with no apparent business or legal purpose

5. Suspicious Activity Reporting

If we identify any suspicious activity, we will:

• Immediately investigate the activity
• Document all findings
• Report to the relevant financial intelligence unit or regulatory authority
• Take appropriate action, which may include freezing accounts or terminating relationships
• Maintain strict confidentiality regarding the report

6. Record Keeping

We maintain comprehensive records of:

• Customer identification and verification documents
• All transactions and account activities
• Suspicious activity reports and investigations
• Correspondence with customers and authorities
• Training records and compliance reviews

These records are maintained in accordance with applicable laws and regulations and are retained for the required period.

7. Sanctions Screening

We screen all customers against international sanctions lists, including:

• United Nations sanctions lists
• Office of Foreign Assets Control (OFAC) sanctions lists
• European Union sanctions lists
• Other relevant national and international sanctions lists

We do not conduct business with individuals or entities on these sanctions lists.

8. Training and Awareness

All staff members receive regular training on:

• AML laws and regulations
• Recognizing suspicious activities
• Customer due diligence procedures
• Reporting requirements
• Our internal AML policies and procedures

9. Compliance and Review

This AML Policy is reviewed and updated regularly to ensure it remains current and effective. We conduct regular internal audits and assessments to ensure compliance with this policy and applicable laws.

10. Contact Information

If you have any questions about this AML Policy or wish to report suspicious activity, please contact us: