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Statement on our Anti-Money Laundering (AML) and Know Your Customer (KYC) Policy.

Introduction

Money laundering is the movement and disguise of cash or other assets generated from illegal activities through legitimate financial institutions or businesses so as to conceal the source of the funds or make it appear that the source of the funds is, in fact, legitimate.

Terrorist financing is the act of providing financial support to acts of terror, terrorists or terrorists organizations to enable them to carry out terrorist act acts.

Applicable Legislation

Both international and regulations in Vanuatu require DIM X to implement effective internal procedures ensuring that anti-fraud, anti-money laundering, and anti-terrorist financing measures are in place.

As at the 29 June 2017, there are (13) thirteen pieces of legislation, which are consequential to the FATF's action plan for Vanuatu, comprising of one (1) newly introduced Act and twelve (12) Amendments to existing Acts of Parliament.

The new Act is the United Nations Financial Sanctions Act No. 6 of 2017. The other twelve (12) Amendments pertain to the following existing Acts, namely:

  • Government (Amendment) Act No. 7 of 2017.
  • Company and Trusts Services Providers (Amendment) Act No. 8 of 2017.
  • Proceeds of Crime (Amendment) Act No. 9 of 2017.
  • Penal Code (Amendment) Act No. 10 of 2017.
  • Dealers in Securities (Licensing) Amendment Act No. 11 of 2017.
  • International Banking (Amendment) Act No. 12 of 2017.
  • Casino Control (Amendment) Act No. 13 of 2017.
  • International Companies (Amendment) Act No. 14 of 2017.
  • Counter Terrorism and Transactional Organized Crime (Amendment) Act No. 15 of 2017.
  • Anti-Money Laundering and Counter-Terrorism Financing (Amendment) Act No. 16 of 2017
  • Copyright and Related Rights (Amendment) Act No. 17 of 2017.
  • Firearms (Amendment) Act No. 18 of 2017.

Our Measures to prevent money laundering and terrorist financing

DIM X takes compliance with applicable anti-money laundering legislation and its role in the prevention of money laundering and terrorist finance very seriously and has adopted policies and procedures to ensure compliance therewith.

One of the ways which DIM X ensures that it is not an unknowing accomplice to money launderers and terrorists is to carry out customer due diligence (hereinafter referred to as “CDD”) at the point of on-boarding new customers, as well as on an ongoing basis.

Our KYC policy and CDD procedure aims first and foremost at identifying the individuals and persons with whom DIM X is doing business, and which companies and the persons behind them are sending, investing and receiving funds for trading on the DIM X. This applies to any transaction on DIM X in any crypto denominated currency.

This is to be ensured by establishing to the best extent possible;

  • that clients have valid and adequate proof of identification, proof of residence
  • that DIM X is able to maintain records of identification information
  • that DIM X is able to determine that clients are not known or suspected terrorists or criminals by checking their names against lists of known or suspected terrorists and criminals
  • closely monitoring clients’ trading activities and transactions.

DIM X reserves the right to ask for additional information in case information provided by clients is deemed insufficient or unclear, including information on the sources of funds.

DIM X is legally required to report suspicions of money laundering to the competent authorities and is prohibited from informing the affected parties of the fact that such a report has been made.

  • | Last Updated
  • | 18 Oct 2018