ANTI-MONEY LAUNDERING

Introduction 

This policy sets out the guidelines and procedures that our business Maisville Properties Ltd implements in order to prevent money laundering. Money laundering is the process of disguising illegally obtained money as legitimate funds. It is a crime that can have serious consequences for both individuals and businesses. AML checks are critical for regulated industries. We are committed to complying with the Money Laundering regulations 2019, Terrorism Act 2000 and the Proceeds of Crime Act 2002, as well as any other relevant laws and regulations that apply to our business activities.

Scope of policy

This policy applies to all employees, directors, contractors and agents of our business. It covers all activities and transactions that involve money or other assets.

Definitions - What is money laundering?

• Money laundering - The process of concealing the origin, ownership or destination of money or other assets that are derived from criminal activity.

Customer Due Diligence (CDD)

• The process of identifying and verifying the identity of customers and beneficial owners of corporate bodies and partnership. We verify the identity and beneficial ownership of our clients and conduct ongoing monitoring of their transactions and activities. We apply enhanced due diligence measures for high-risk clients and situations.

Record keeping

• We keep accurate and complete records of our client transaction and activities for at least five years after the end of the business relationship or transaction. We also keep records of our risk assessments, policies and procedures, training and internal controls.

Beneficial Owner

• The natural person who ultimately owns or controls a company or legal entity, or on whose behalf a transaction is conducted.

Suspicious Activity Report (SAR)

• A report made to the National Crime Agency (NCA) when there is suspicion of money laundering or terrorist financing.

Responsibilities

• Our business is responsible for assessing the risk of being used for money laundering and implementing appropriate measures to mitigate that risk.

Reporting

• We appoint a Money Laundering Reporting Officer (MLRO) who is responsible for overseeing our compliance with this policy and reporting any suspicious activities to the National  Crime Agency (NCA). 

Review 

• We review and update our anti-money laundering policy at least annually  or whenever there are changes in the law, regulations  or our business activities.